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When divorcing, retirement plans are often a large part of a couple's assets to be divided. Because of this, you may be wondering about the relationship between divorce and retirement or pension plans. With more than 90 years of combined experience, the divorce attorneys at Pater, Pater & Halverson Co. have answered questions like these — for clients like you — all throughout the Hamilton, Ohio, area.

Here, Pater, Pater & Halverson Co. shares three things to know about divorce and retirement plans:

  • Retirement Plans Are Shared Assets: A spouse often feels since he or she is the one who earned the money in a retirement plan, it must be theirs to take with them when the marriage is over. From a legal perspective, however, this is incorrect. Ohio recognizes retirement benefits as shared assets in a marriage, and the money in a retirement plan is considered fair game for division and distribution among divorcing spouses.
  • divorce attorneyDividing Retirement Plans: The division of a retirement plan can be a complex process. It involves consideration of a number of factors, the largest being that most retirement plans do not provide ready access to cash. It's money that is stored for future use once you retire. Each spouse needs to think carefully about whether they need access to cash immediately or whether they can afford to wait for retirement benefits to kick in. Your divorce attorney at Pater, Pater & Halverson Co. will help you find the right solution for your situation.
  • Company-Sponsored Retirement Plans Require Extra Attention: Some retirement plans are sponsored by the company that employs the spouse. With these plans, money needs to be transferred via a process called a Qualified Domestic Relations Order. This is an additional legal step that requires extra time and money, but it is necessary to transfer the funds in a division of assets. Your divorce attorney at Pater, Pater & Halverson Co. will work with you to better understand this process.

Call Pater, Pater & Halverson Co. at (513) 867-1411 to schedule a consultation with a divorce attorney. You can also visit the firm online to learn more about their history, attorneys, and areas of practice, including criminal law and estate planning. For over a century, Pater, Pater & Halverson Co. has been guiding couples through the complicated relationship between divorce and retirement plans, and they’ll do the same for you.

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