Retirement Accounts And Divorce: Understanding The Challenges
During divorce, all marital property must be identified, valued and divided. Retirement accounts are often a big piece of that puzzle. One or both of you may have significant funds locked up in individual retirement accounts (IRAs), 401(k)s and other defined contribution plans. For many people, these assets amount to a significant percentage of their net worth.
Yet retirement assets pose a problem: It’s not easy to value or divide them. You can’t simply liquidate them without incurring significant tax penalties or other losses.
Do you have a retirement account? Does your spouse? If so, you should work with a divorce lawyer who understands the legal implications of these cases.
At Terri Herron Law, we understand the complexities involved in handling retirement accounts during divorce. Our Atlanta-based attorney has extensive experience overcoming the challenges that go along with high-asset cases. We represent people from all walks of life: professionals, business owners, executives and others who diligently planned for the future.
The Realities Of Splitting Retirement Accounts
In Georgia, property division during divorce is based on what’s fair and equitable. This means your retirement account won’t necessarily be split equally. Depending on your situation, any number of strategies may be appropriate for making sure you get a fair share — whether that means 100 percent, 50 percent or some other portion.
Certain types of plans can be divided only through a qualified domestic relations order (QDRO). A QDRO grants one spouse the right to receive some or all the retirement benefits. To be valid, however, it must meet certain legal requirements. You can rely on our legal team for detailed guidance on all aspects of dividing retirement accounts.
Find Out More. Contact Us Today.
Dividing retirement accounts can be a complex process that many people feel unequipped to handle on their own. Attorney Terri Herron has extensive knowledge of Georgia property division laws as well as considerable experience helping individuals throughout the Atlanta metro with this complex matter.
To find out more about your options regarding division of retirement assets, call us at 404-692-6487 or send us an email with a brief description of your needs. Appointments are available at our main office in Roswell as well as our other conveniently located offices in Atlanta, Marietta, Duluth and Snellville. Evening and weekend appointments are also available for your convenience.