Retirement accounts come in two distinctive forms: Either a 401K, which has a dollar value, or a pension, which has a monthly return. Both of the aforementioned plans can be divided between parties and there are numerous ways to divide a retirement asset during a divorce.
As an example, the asset can be valued by its present day dollar value with half of that amount exchanged in lieu of the person modifying their retirement account. However, sometimes there are not enough assets to allow for an equalization, so possibly the matter could be divided by QDRO. A QDRO is a Qualified Domestic Relations Order, which as a practical matter, divides the pension account into two pension accounts– one for each party. Once an account is divided by QDRO, the party who is still employed at the offering employer would continue to make contributions, but only entered into their account. The other party who is not employed at the offering employer would still be bound by the rules of the employee, but no new contributions would be added to the account.
Our family law firm has been involved with retirement accounts from the military, police departments, teachers unions, union members, and numerous various individual retirement accounts. We have the experience and expertise to analyze the best means of division.
Free Initial Consultation
Helping you through family law matters such as divorce, domestic violence, legal guardianship, child support, child custody, visitation rights, alimony and more. Serving all of Orange County, California.
Serving all of Orange County, California.
Call: (949) 244-8871
What Our Clients Say About Us
This firm really cared. They gave me personal attention when I was going through my divorce. I found them to be very detailed and kept me informed every step of the way. The took away the edge of what was a trying and stressful time for me. A competent, compassionate, thorough, personal and a professional law firm.
Caring and professional! Wouldn't go anywhere else! I have had a such a GREAT experience working with this team, I had to! Everyone in the office is knowledgeable, professional, kind and quick to respond. It would truly be a mistake to go anywhere else for the services they provide!
They handled my case very well. They scoured through the details and supplied good communication so I always felt informed and clear about my position within the litigation. Each time we meet the staff was very informed and clear on the details of my case and goals for which I hired them.