Dividing Retirement Assets Fairly
Retirement accounts such as 401(k)s, IRAs and 403(b)s can form a significant portion of a marital estate. As such, they are subject to equitable division. A spouse may be entitled to a portion of the benefits generated by a defined pension plan as well. Placing a value on such assets can be an exceedingly complex exercise.
For many couples, retirement accounts are their largest single class of assets, perhaps rivaled in size only by the value of the family home. It is therefore vital that your retirement assets are fairly valued and divided.
Protecting Your Retirement Assets And Future Income
LaRocca Hornik Rosen Greenberg & Crupi, LLC, with offices in Freehold and Red Bank, is one of New Jersey’s premier divorce law firms. We work diligently to protect our clients’ assets and to obtain fair divisions of retirement assets and pension benefits.
If you live in Monmouth County, Ocean County or elsewhere in New Jersey, call us to learn how we can help you.
Dividing Tax-Deferred Retirement Accounts
Depending on the circumstances of your case, there could be two ways to divide your IRAs, 401(k) and 403(b) accounts:
- If both spouses have separate accounts that are roughly equal in size, it may be possible for each spouse to retain those accounts. The difference could be made up by a one-time transfer of money to the other spouse.
- In most cases, however, it will be necessary to obtain a qualified domestic relations order (QDRO). Prepared by a specialist, this document will allow tax-deferred accounts to be split and transferred to the spouses without tax liabilities. If you require a QDRO, our lawyers will carefully review the document to make sure it is accurate and fairly distributes your rightful portion of those assets.
If you are entitled to a portion of benefits from a defined pension plan, you could receive either a lump-sum payment or an ongoing stream of benefits. We can review your situation and advise you.
Are You Getting Close To Retirement?
Keep in mind that once you stop working, you will have to live off your retirement assets, your savings and your Social Security benefits. You need to protect those assets and get your fair share of your retirement accounts. LHRG&P will use its knowledge and experience to protect your rights.
Contact Our Attorneys
Call LaRocca Hornik Rosen Greenberg & Crupi, LLC at 732-246-2112 or submit an inquiry form to schedule a consultation.