Many people carefully put away money for decades so they can have a comfortable life after retiring. A divorce can put that plan in jeopardy. Disputes over retirement assets are common, especially when one spouse worked while the other stayed home to raise children.
If you have questions about how to protect your financial interests through divorce, you can look to the firm of Gary J. Frank, P.C., in Phoenix, for answers. We provide every client with personal attention and take the time to learn about what their goals are. Everyone is different in what they want out of a divorce, and our job is to help people achieve those goals and have a healthy post-divorce life.
To arrange a consultation with an experienced Phoenix lawyer to discuss division of retirement accounts and other assets, please call 602-383-3610 or contact our law firm online.
How Are Retirement Accounts Handled in Divorce?
Arizona is a community property state. That means that even though your retirement portfolio was built through your financial contributions, your portfolio could be considered community property, and your spouse may have a claim to a portion of its value.
For the spouse who participated in the plan, there are concerns about depletion of the account and also concerns over providing for a future spouse and children. For the nonparticipant spouse, the money in the plan may be his or her only significant source of retirement income.
At the law office of Gary J. Frank, we help clients understand how the property division process will affect retirement assets, including:
- 401(k) accounts
- Deferred compensation plans
- Stocks and bonds
- Pensions, including state and military pensions
- Other types of retirement plans
What About Qualified Domestic Relations Orders (QDROs)?
A QDRO is a highly specialized and technical document that many retirement plans require to be on file before they will allow a plan’s assets to be distributed. They are intended to prevent an early withdrawal from the accounts, which would carry heavy tax penalties. At our firm, we work with QDRO experts who are highly qualified and experienced in handling complex marital estates. Getting these documents right the first time and serving them on the plan administrator properly is critical to avoid penalties. You can be confident in our ability to get the details correct and protect your retirement funds.
To learn more about how your retirement accounts may be affected during divorce, we invite you to schedule a consultation with our skilled Arizona asset division lawyer. Call 602-383-3610 or contact our law office online.