Dividing Retirement Benefits
Other than the family home, retirement benefits are one of the most valuable assets that a married couple possesses. Because these benefits are considered to be an asset (just as a home, car, or other material possessions), they will need to be split if the couple decides to get a divorce. However, this process is not as simple as it may seem, as each benefit plan may have its own individual characteristics that may need to be considered and handled properly for the money to be obtained.
Because this process can be time-consuming and complicated, you may want to consider hiring an experienced attorney who can help this procedure go as smoothly as possible. To learn more about retirement plans and divorce, contact the Houston divorce lawyers of Garg & Associates, P.C. at 281-362-2865 today.
Types of Retirement Benefits
Retirement benefits a couple may need to consider include the following:
- Traditional and Roth IRAs
- Pensions
- 401Ks
- 403Bs
- Money Purchase
- Keogh
- SEP-IRA
- Simple IRA
- SAR-SEP
A large majority of the above plans can be divided via a court-ordered Qualified Domestic Relations Order, also known in shorthand as a QDRO. This documentation will define how much each spouse receives from a certain retirement plan. However, if you have more than one plan, a QDRO will need to be obtained for each.
It is important to understand that certain plans may not be as easily divisible, including:
- Military retirement plans
- Federal Employee Retirement System
- Civil Service Retirement System
If you and your husband or wife receive benefits under these plans, you may have to answer to another set of laws. It would be beneficial to contact an attorney to make sure you receive all of the funds to which you are entitled.
Contact Us
To make sure you receive all the benefits you deserve in an accurate, timely manner, consider hiring an attorney to represent you in your divorce proceedings. To learn more about retirement plans and how much money you could potentially receive, contact the Houston divorce attorneys of Garg & Associates, P.C. at 281-362-2865 today.
