Division of Retirement Accounts
During a divorce numerous issues can arise regarding the equitable division of assets and property. It is a common misconception that retirement funds are not subject to being divided during a divorce. They are. In fact, retirement funds are one of the more commonly divided assets in a divorce proceeding. In addition, they are often the most valuable asset owned by the parties. Dividing retirement funds during a divorce can be a complex and difficult process. If you are contemplating a divorce, or have been served divorce papers, in Delaware you should speak to a Delaware Divorce Lawyer who has experience with the division of retirement funds.
Delaware Division of Retirement Account Divorce Lawyer
Call me, Delaware Divorce Attorney, Michael S. Corrigan to discuss your case and how to protect your interests. My New Castle County, Delaware divorce law office can be reached at (302) 455-1212. You can also click here to email me, Delaware Division of Marital Assets Attorney Michael S. Corrigan. Call today to arrange a consultation.
Delaware Retirement Account Division Laws
The division of retirement funds normally requires the drafting of a Qualified Domestic Relations Order (“QDRO”) so as to properly assign the tax consequences when the fund is divided. There are thousands of different retirement funds in existence. And each has certain requirements that a QDRO must adhere to in order for it to be honored and for retirement funds to be distributed.
In addition to the complexity of the QDRO, another issue that often arises when dividing retirement funds is “how much of my retirement is my former spouse entitled to?”. The answer will depend on a number of factors. The type of retirement fund being divided, when contributions were made to that fund, and what judge is assigned to decide your case are all factors that will determine how much of a retirement plan is divisible as a result of a divorce.
You have worked hard to save for your retirement. Don’t risk losing more of it than necessary to your former spouse. Allow a skilled and experienced Delaware Divorce Attorney to accurately determine the portion of your retirement plan that must be divided.
Commonly Divided Retirement Accounts
Individual Retirement Accounts (IRA’s)
Deferred Compensation Plans
Thrift Savings Plans (TSP’s)
Military Retirement benefits
Railroad Retirement benefits
Life Insurance Annuities
Contact a Delaware Equitable Distribution Attorney
Enduring a divorce is difficult enough emotionally. Having to fight for what you are entitled to financially only adds to the emotional exhaustion. Let an experienced Delaware Divorce Attorney obtain the financial outcome you deserve. Call me, Michael S. Corrigan to discuss your case by dialing (302) 455-1212.