Retirement Account Division Lawyer

Attorney Helping You Protect Your Retirement Benefits During a Divorce in Richmond, VA or Other Surrounding Cities and Counties

Many Americans begin preparing for their retirement at a young age by making investments, contributing to 401(k) plans, or staying at the same job to earn a pension. Married couples usually make joint plans, with each spouse contributing to their retirement fund in different ways. Hard work during your career can provide enough funds for you to be financially stable when you retire. However, deciding to divorce means you and your spouse may divide your debts and assets in an equitable fashion. Retirement accounts are also subject to division. However, there are specific Va. Code sections that apply to certain retirement plans. Issues related to retirement plans can often be the cause of disputes during the divorce process.

To protect your rights and best interests you need a knowledgeable Virginia divorce attorney who understands how to resolve the potential challenges involved in dividing retirement accounts. For more than 45 years, Carol A. N. Breit, Attorney at Law, has helped clients resolve a wide variety of legal issues in communities throughout the Richmond area, including Hanover County, Chesterfield County, Goochland County, Powhatan County, New Kent County, and Henrico County. We understand that your situation is unique, and we will work with you to devise the best plans to accomplish your goals. Whether through collaborative law, mediation, or litigation, we will provide the support and counsel you need to make confident decisions and protect your future.

Retirement Funds and Accounts to Include in Your Equitable Distribution Agreement

People may put aside money for retirement in several ways. Accounts and funds that may be subject to equitable distribution in a Virginia divorce include:

• 401(k), 403(b), and 401(a) accounts
• Individual retirement accounts (IRAs)
• Roth IRAs or Roth 401(k)s
• Money market accounts
• Mutual funds
• Pensions
• Annuities
• Profit sharing plans
• Public Employees' Retirement Association accounts
• Stocks and bonds
• Thrift Saving Plans
• Trusts

During the divorce process, you will be required to provide a complete list of your accounts. If you have a specific amount or percentage you would like to receive from the accounts you own, we can discuss your situation and help you determine the best ways to achieve your goals.

Factors to Consider in Retirement Account Division in Virginia

The equitable distribution method of property division is intended to give each spouse a fair share of their marital assets depending on several factors. When you or your spouse have contributed to retirement accounts during your marriage those accounts are considered marital property. There are some specific rules about dividing retirement accounts in a Virginia divorce about which you need to be aware.

If either of you had retirement accounts before you got married, those premarital funds may be considered separate property rather than marital property. After you separate from your spouse, your post-separation contributions to your retirement accounts can also be considered to be separate property. In order to show the value of your premarital interest, you will need to trace the separate contribution. In order to show the value of your post-separation interest, you will need to trace these post-separation contributions as well. Retirement accounts can raise complex issues that an attorney should address.

Your spouse will not necessarily get half of your retirement assets, and you will not necessarily receive half of any accounts in your spouse's name. Considerations in determining your fair share of these assets may also include each spouse's debts, savings, and earning capacity, along with the standard of living you enjoyed as a couple. Ideally, you will be able to negotiate an agreement that protects the financial interests of both parties.

Dividing a Pension in a Virginia Divorce

If one or both of you have a pension from your employment, it will be considered marital property if these benefits were earned during your marriage. Our attorney can help you determine a pension's current value and make sure it is included when dividing marital assets.

Qualified Domestic Relations Orders

To divide a pension, a 401(k), or some other retirement accounts, you may need to have a special order known as a Qualified Domestic Relations Order (QDRO) prepared by your attorney. This order specifies how benefits will be distributed. QDROs must comply with retirement plan terms and provisions.

Contact Our Retirement Benefits Lawyer Serving Richmond and Other Nearby Communities in Virginia

The equitable distribution of your retirement accounts during your divorce can be a complex process, but you do not have to handle it alone. Carol A. N. Breit, Attorney at Law, will develop customized solutions based on your situation and your objectives, and we will work to protect your best interests in everything we do. Contact us online or call 804-282-9226 to schedule a convenient time for your initial case review.