Experience Is Important In Pension And Retirement Valuation And Division
Whether a divorcing couple has significant or modest assets, an attorney who understands the implications and complexities of property division is vital. When state, federal, military and other pensions are a significant part of the assets, contentious issues may arise in the split of marital property.
The Experience Ohio Residents Need In Complex Property Division
At Smith, Meier & Webb, LPA, we represent both men and women in valuation and division of pension and retirement benefits. The attorneys in our firm possess the knowledge and experience necessary to divide these complex assets. They navigate clients throughout the process and pursue the best resolution through negotiation or litigation.
Retirement accounts, specifically pensions and 401(k), are meant to provide financial security long into the future. Accumulation and growth of the accounts during a marriage places them on an inventory of assets as part of a divorce, even if only one spouse earned them.
Disputes arise as spouses feel that their long-term financial stability is at stake. Negotiating a split of retirement benefits is preferred. Litigating the division of assets hands over the decision-making authority to a judge.
The Need For A QDRO
A qualified domestic relations order may be necessary to split pensions and other retirement plans. A QDRO provides detailed instructions to the account administrator on the payment of benefits to the ex-spouse who was not an employee. The retirement funds are separated and transferred without significant tax penalties.