Chelmsford Divorce Lawyer: Division of Retirement Accounts
Protect Your Retirement Savings During Divorce
If you are like most people, living comfortably in retirement is one of your most important financial goals. You have been putting away money for years, saving diligently in pursuit of that goal. Now, facing divorce, you are unsure about whether your retirement assets will remain yours.
My name is Kevin P. Broderick, and I am a Chelmsford family law attorney who frequently helps people deal with the division of retirement accounts in divorce. Here at the Broderick Law Firm, I advise and represent high net worth individuals from Massachusetts, helping them protect their financial interests during the divorce process.
Determining How Pensions and Retirement Portfolios Will Be Divided
During divorce, retirement assets will need to be properly valued and divided, as will business assets and all other forms of property. The property division process is called "equitable distribution." It is important to note that "equitable" does not necessarily mean equal. Rather, when it comes to retirement accounts, the amount given to the non-working spouse depends on the length of the marriage.
For example, a spouse who worked for 35 years but was married for only 10 of those years will have to give up a smaller amount of his or her retirement than someone who was married for 30 of those 35 years. Adding to the complexity is the fact that many retirement assets may not become payable until sometime in the future. That can make it challenging to reach an equitable settlement.
A Comprehensive Approach to Retirement Asset Division
With nearly 20 years of experience as a Massachusetts divorce lawyer, I have access to tax experts, accountants and other financial experts who help me value and divide all types of retirement assets such as:
- 401(k) accounts
- IRA accounts
- Corporate pensions
- Stocks and bonds
- Stock options
- Deferred compensation plans
- Thrift savings plans
Many retirement plans require that a qualified domestic relations order (QDRO) be on file before funds can be divided. QDROs are highly technical documents that can have a massive impact. An incorrect or missing document can cause you to incur serious tax penalties and overall diminishing of the entire marital estate. In many high-asset divorce cases, I work with QDRO specialists to ensure that my clients' funds receive the right treatment.
Contact an Andover Pension Division Attorney
To learn more about my approach to asset valuation and division of retirement assets, QDROs or any other aspect of divorce financial planning, please call 978-674-7146 or contact my law firm online. I help clients in the Middlesex County area, Chelmsford, Andover, Westford, Concord and the surrounding areas as well as people in New Hampshire