Many divorcing couples are not aware that they may have a right to a portion of their spouse’s retirement accounts. Ohio law, though, considers retirement accounts, such as employer-sponsored 401(k) plans, IRAs and pensions, as marital property and subject to division when a couple gets divorced. If you were not employed over the course of your marriage or do not have any separate retirement funds, the amount in your spouse’s account can help you fund your own retirement.
A mistake that many divorcing spouses make is thinking that their spouse is entitled to keep their retirement savings when, in fact, the money in the account may have come from marital funds. A Columbus OH Divorce Lawyer can help you determine how much your spouse’s retirement accounts are worth and ensure that they are properly divided so you get what you deserve in the divorce settlement.
If your divorce is not a simple, uncontested divorce or dissolution of marriage case, your lawyer may be able to help you uncover hidden accounts or other financial assets that you may be entitled to in your divorce. Keep in mind that money that was already in the retirement accounts or vested in your spouse’s pension may be their separate property.
When your divorce is finalized, your attorney will ensure that you have a qualified domestic relations order or division of property order to enable you to access the funds in your spouse’s retirement accounts. In the case of 401(k) accounts and IRAs, the QDRO will protect your spouse against early withdrawal penalties and enable you to use the funds to set up your own retirement accounts. A DRO is used when a divorcing spouse has a pension and does not include provisions for setting up a separate account.
You don’t have to sacrifice a comfortable retirement just because your marriage is over. A Columbus OH Divorce Lawyer can help you understand your rights and fight for you to ensure you get what you deserve in your divorce settlement. Whether you need alimony to cover your day to day expenses until you become gainfully employed, or child support to care for your minor or disabled children, your divorce lawyer may be able to help you secure the financial resources you need. Visit Website for more information.