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Do I Have To Share My Hard Earned Retirement Accounts?

Do I Have To Share My Hard Earned Retirement Accounts?

Are you going through a divorce and just found out that the pension you worked so hard for must now be divided between you and your soon-to-be ex-spouse?

In case you weren’t aware, your pension benefits, 401k, IRA, and any other kind of retirement accounts acquired during marriage are considered marital property upon divorce; therefore, they must be valued and divided fairly. This will be determined by the court.

Even if retirement is a long way off, retirement accounts should be properly accounted for at the time of the divorce proceedings.

However, not all retirement assets are part of the marital property. If you acquired a plan or account before your marriage took place, these may be excluded from division. Also excluded are any inheritances you may have received.

What is a QDRO, you ask? A qualified domestic relations order is a special court order that allows retirement plan companies to divide certain benefits in a divorce action. They are required when dividing pension plans, profit-sharing plans, and 401ks. They are considered to be a highly technical area of the law.

Many people facing divorce are concerned about the total impact on their financial future.

At the Inland Empire Divorce & Family Law Attorneys, we understand that division of retirement assets may be a critical issue as you navigate the divorce process and plan for the future. Our knowledgeable attorneys are here to protect your financial interests to the greatest possible extent.

It is in everyone’s best interests when the spouses can work together to reach a property division agreement. If they can’t, the court decides how the property will be divided and the decision is binding. Contact our Rancho Cucamonga asset division attorneys have substantial experience helping divorcing couples to reach a property settlement that everyone can agree with.