San Jose Retirement & Pension Division Lawyer
In a California divorce, assets are typically split 50/50, as it is a community property state. While this often makes divorces easier, sometimes there are complications. This is especially true in high asset divorces, where there may be various financial accounts to take into consideration.
These accounts may include retirement accounts and pensions. These are often hard to split because there are strict rules involved (such as age limitations).
Splitting retirement accounts and pensions in a divorce can be a complicated matter. Get the help you need from a San Jose retirement & pension division lawyer from Argyris Mah, LLP. Our knowledgeable team can handle all aspects of your divorce with ease.
Types of Retirement Plans
There are many types of retirement plans, including the following:
- Individual Retirement Arrangements (IRAs)
- Roth IRAs
- Payroll Deduction IRAs
- 401(k) Plans
- SIMPLE 401(k) Plans
- 403(b) Plans
- SEP (Simplified Employee Pension) Plans
- Profit-Sharing Plan
- Defined Benefit Plans
- Money Purchase Plans
- Employee Stock Ownership Plans (ESOPs)
- Governmental Plans
- 457 Plans
Because these plans have different rules that need to be followed, it’s best to discuss the best way to split them with a divorce lawyer who specializes in retirement plans.
Splitting Retirement Accounts
Not all retirement plans are subject to division in a divorce. The specific rules and procedures for dividing retirement benefits can vary depending on the type of plan and other factors. Plus, the timing of when the benefits were earned and the duration of the marriage can also affect how retirement benefits are divided.
If a plan is to be divided, this usually involves obtaining a qualified domestic relations order (QDRO). A QDRO is a legal order that establishes the right of an alternate payee (such as a former spouse) to receive all or a portion of the benefits payable under a retirement plan. To be recognized as a QDRO, an order must be a domestic relations order, which is a judgment, decree, or order that relates to the provision of child support, alimony payments, or marital property rights for the benefit of a spouse, former spouse, or child.
A QDRO must contain the following information:
- Name and last known mailing address of the participant and alternate payee
- Name of each plan to which the order applies
- Dollar amount or percentage of the benefit to be paid to the alternate payee
- Number of payments or time period to which the order applies
Contact Our San Jose Retirement & Pension Division Lawyers for Help
Asset division can be complicated, especially when splitting bank accounts, retirement accounts, and employment-related pensions. You need someone on your side who can navigate these complex issues with ease.
At Argyris Mah, LLP, our focus is on helping you avoid mistakes during a divorce. We’ll help you split assets fairly. Schedule a consultation with a San Jose retirement & pension division lawyer to see how we can help you get a fresh start with your divorce. Give us a call today at (408) 214-6366 or fill out the online form.
