Usually, when you make a retirement plan, you do so in conjunction with the person you share your life with—your spouse or your partner. But if you later split from that partner, it may raise some tough questions about your retirement plan, and potentially require some revisions. You may even need to meet with a divorce attorney to make sure your retirement plan is still viable.

Divorce & Your Retirement Plan

Retirement Money Earned During the Marriage

One important consideration is that any retirement money earned during the marriage qualifies as joint property—regardless of which spouse earned it. This includes pension benefits earned through years of employment; 401(k) contributions made through a direct payroll deduction; and earnings on any funds accrued over the course of the marriage. For example, your spouse may have earned a pension through his or her job, but any pension money made while you were married legally belongs to both of you.

Allocating Assets

Ohio is what’s known as an equitable division state, which means these retirement assets will be split between both parties. There are different ways in which the court might order this to happen. If multiple accounts exist, each spouse may be allocated particular accounts, with the goal being a fair and appropriate division of the joint assets. An individual account may be split between the two parties through the transfer of ownership. And in some cases, one spouse may keep the retirement accounts while the other is compensated with something of commiserate worth, such as ownership of real estate.

Determining Equitable Division

An important note is that equitable division does not always mean that each spouse gets a clean 50 percent. Often, assets are split unequally, as determined by the courts and based on a number of factors, including the length of the marriage. A divorce attorney can be invaluable here, representing your case and ensuring you get your fair share.

The dissolution of your marriage can throw a wrench into your retirement plans—but a divorce attorney can help you right your course. Located in Hamilton, OH, the lawyers at Pater, Pater & Halverson fight tirelessly on behalf of their clients. They boast 90 years of combined experience and an intimate knowledge of Ohio’s divorce courts. Speak with a divorce attorney today by visiting the firm’s website or by calling (513) 867-1411.