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The separation of assets is one of the biggest issues you will have to discuss with your divorce attorney when ending your marriage. This doesn't just mean figuring out what to do with the family home. There are also financial accounts and investments to consider—including retirement funds. Discover what to expect below.

401(k) & IRA Accounts

If you have an employer-sponsored pension plan or 401(k), your spouse is entitled to half of this—and vice versa. You can either award all of the money to one party or split it up. Divvy accounts based on percentages instead of dollar amounts to avoid being impacted by market changes.

To protect your part of your spouse's retirement account, talk to your divorce attorney about a Qualified Domestic Relations Order. This court-issued decree specifies what should be done with your share. For instance, the plan can be split, and your half of the funds can be deposited into your own IRA. 

Drafting a QDRO is complicated—for instance, to be legally binding, its terms must match those of the pension plan in question. This documentation is best left in the hands of a divorce attorney. Note that a QDRO is not needed in the case of an IRA or SEP assets, however.  

Social Security Benefits

divorce attorneyIf you were married for at least ten years, you can get benefits from your ex-spouse’s social security provided you haven’t remarried. You can still collect if your spouse has remarried, however.

Additionally, you must be at least 62. Your spouse must also be at an age or in a condition that entitles them to collect social security retirement or disability benefits. Finally, whatever money you'd receive from your own work can't exceed the benefits you'd receive based on your ex's work.

 

Don Roberts Law Offices is based in Columbus, Ohio, but serves clients throughout the State of Ohio. Our office in Hilliard is convenient to Dublin, New Jefferson, Bexley, Westerville, New Albany, Hilliard, Grove City, Reynoldsburg, Gahanna, and other Franklin County municipalities. Whether you need a child custody lawyer or have questions about parental rights law, we can help. Learn more online. For an appointment with a divorce attorney, call (614) 777-4500.

 

Attorney Advertising. This website is designed for general information only and should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.  See our profile at Avvo.com or Martindale.com.

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