Division Of Retirement Accounts
People are often surprised to learn that their retirement accounts are subject to property division during the divorce process. 401(k)s, IRAs, military retirement benefits, and other retirement accounts are considered community property for the years of marriage. Even if they were not created during the marriage, they grew during the marriage. Special care must be taken to divide them fairly.
At the Law Office of Rebecca Anne Gonzalez in San Antonio, Texas, I am experienced in the division of retirement benefits of all kinds, including 401(k)s, IRAs, pensions and military retirement plans. Perhaps the retirement account is yours. Perhaps it belongs to your spouse. Perhaps you both have retirement accounts. As your lawyer, I will carefully assess the situation and take an approach designed to achieve a fair division of property.
Retirement Plans Must Be Divided Carefully
Dividing retirement plans requires special care. There are a variety of pitfalls that must be avoided. If a retirement account is not divided properly, there could be tax repercussions that eat away at the account holdings. I am well-versed in the proper ways to divide retirement plans.
One tool that can be used specifically to divide retirement accounts is a qualified domestic relations order, also known as a QDRO. These can be used to divide a variety of retirement accounts, most commonly 401(k)s and traditional pensions. If appropriate, I will see that a QDRO is created to protect your portion of the retirement fund. These orders are a requirement, particularly in a military divorce settlement, in order to recover your portion of retirement benefits. In a military divorce settlement, you will also require certificate of finality from the court.
Additionally, when dividing military retirement it is imperative that you elect to request the Survivor Benefit Plan (SBP) if you are eligible, to protect your interest in your spouse’s retirement benefits if they should die before you.
Contact Us For A Consultation About Retirement Account Division
Do you or your spouse have retirement benefits? Contact an attorney today at 210-888-9836 or toll free at 800-823-6321 or, if you prefer, by email. Evening and weekend appointments are available, upon request.