What Happens To Your Retirement Assets In A Divorce?
When dealing with the issue of property and asset division during a divorce, many couples are at odds over the division of any retirement accounts and/or benefits. It is important to fully understand how retirement accounts and assets are handled as part of the property division process. An experienced divorce lawyer can help you understand your rights to any assets.
The Law Office of Lori Watson provides Georgetown clients with tailored representation in retirement asset division cases. Attorney Lori Watson works diligently to ensure that you get the share of the retirement assets that you deserve. She can also use her 20-plus years of experience to see that any retirement assets and benefits that are considered separate property remain yours.
Understanding Retirement Account Division
As with any type of community property in Texas, retirement accounts are not necessarily divided 50-50, but in a manner that is fair and equitable.
When part of a retirement account, pension, stock options, profit-sharing or other employee benefits are awarded to one spouse during the divorce a qualified domestic relations order (QDRO) is signed by the court. This order is then sent to the employer, as it dictates how the employer should distribute the benefits to each spouse.
401(k)s and other type of cash accounts will generally be distributed within 30 to 90 days of receipt of the QDRO. This type of order allows for a division of a retirement plan without the employee spouse having to take out a loan against the 401(k) to pay the nonemployee spouse for their share of the retirement benefit.
Our firm works to ensure that the QDROs are followed and that each spouse gets the appropriate amount of the retirement accounts.
Protect Your Future — Contact Our Office Today
We provide compassionate and professional property division and divorce services to our clients. Please call 512-931-2121 today or send our office an email. Our Georgetown attorney for dividing retirement assets in divorce can evaluate your case during a consultation at our office.