Safeguarding Your Ability To Retire Comfortably
Going through a divorce is a stressful and emotional time. In addition to confronting the reality of ending your relationship, you must confront the complicated division of all shared property and assets. Some of the more complex assets to divide include your retirement savings.
At Weisberg & Klauber, LLC, we work to protect your ability to retire comfortably following a divorce. Whether retirement is several years or decades away for you, the loss of retirement savings can be devastating, and regaining your momentum can take years. We will represent your interests and offer sound, cost-effective guidance throughout the entire property division process.
Are Retirement Assets Marital Property?
Under equitable distribution rules, all property must be categorized as marital or separate property. New Jersey generally considers retirement assets to be marital property. Marital property includes property or assets acquired throughout the marriage and must be equitably split. Concerning retirement assets, anything accumulated prior to the marriage is typically considered separate property.
We can assist with the division of a wide array of retirement assets, including:
- Employer-sponsored accounts, including 401(k) and 403(b) plans
- Pension plans
- Traditional or Roth IRA plans
- Employee stock ownership or profit-sharing plans
- Social Security benefits
We will protect your interests throughout the process of determining the division of retirement savings, including unique circumstances where couples choose to trade one asset for another.
Obtaining A Qualified Domestic Relations Order To Divide Assets
After the court comes to a decision on the division of retirement assets, we will obtain a Qualified Domestic Relations Order (QDRO). This is a court order issued after the divorce proceeding concludes. Ensuring a smooth transition of assets, the QDRO instructs the retirement or pension plan administrator to distribute the court-specified portion of retirement assets to the ex-spouse.
Our lawyers will guide you throughout the process of equitably dividing retirement assets. We understand the emotions and frustrations associated with the process, as well as the fear of what your future may look like following the divorce. Our goal is for you to be both financially secure and satisfied following the conclusion of the divorce process.
Protect Your Retirement By Speaking With An Attorney
The division of retirement assets is a serious matter. We will protect your ability to retire comfortably while educating you on your options. Schedule a consultation at our Ocean Township or New Brunswick offices by calling or sending us an email.