Protecting Retirement Assets Through Divorce
Columbus Divorce Lawyer: Retirement AssetsIt is not uncommon in this day and age that retirement savings is the single largest asset(s) in many marriages. Whether a couple has accumulated pension and retirement assets steadily over the course of the marriage or one spouse has substantial pre-marital retirement savings that have appreciated during the course of the marriage, division of retirement assets during a divorce is a complex matter, involving both Ohio and federal laws. My previous experience as a retirement benefits attorney provides me the background to ensure that my clients have all of the necessary information and consider all available options. The issues that arise during division of retirement assets include the location of the assets, valuation, tax issues and accurate calculation of the marital share. The type of retirement asset, a defined benefit asset (pension) versus a defined contribution asset (e.g. 401(k)), will determine whether any spousal portion can be immediately withdrawn and/or transferred to a separate account. Regardless of the type of retirement asset, each retirement asset type has specific orders that must be issued by the court in order to properly apportion division of the asset. Federal law and the plan administrators (those that hold the retirement assets on behalf of a plan participant) require qualified domestic relations order (QDRO). As your attorney, I will work with a consultant with specific expertise in those issues to see that asset is properly divided in accordance with the court's order. Division of retirement assets as part of a comprehensive divorce settlementDuring any negotiations, it is important that the issue of any division of retirement assets be addressed contemporaneously with the division of marital property, and if necessary, any agreement on spousal support. It may be to your benefit to forego your share of an investment account or your interest in a business in order to retain full ownership of a retirement asset. If you are involved in a large-asset divorce, I will work with you and your financial consultant to ensure that you have the necessary information and consider all available options. Qualified retirement assets
If you would like to speak with me about the handling of retirement and financial assets during divorce, please call (614) 461-5708 or e-mail my Columbus, Ohio, office for a free consultation. I accept credit cards, and can meet with clients at out-of-office locations on evenings and weekends. As your attorney, I will see that you have all of the information you need to make good decisions and have the legal protection you need to proceed with confidence. Dirk D. Winkler, Columbus, Ohio, Retirement Benefits Lawyer |
