Dividing Different Retirement Assets In A Divorce
Since New York classifies retirement assets as marital property, they are subject to division in a divorce. At the law offices of Keith B. Schulefand, Esq., we handle every detail of your divorce, including the fair division of retirement assets. That unique combination of business and family law experience helps you protect your property and finances. This is paramount in a divorce, so you can move on to the next chapter of your life with certainty.
Experienced Counsel In Retirement Divisions
There are many details to address when dividing retirement accounts and pensions to make sure your property is protected. An inexperienced lawyer might overlook these details, but attorney Keith B. Schulefand can help you get things right the first time. With his Master of Business Administration, he understands how to protect your finances in a divorce. He can help you avoid tax issues with the IRS, as well as obtain the benefits and cost adjustments you need.
The attorneys at the law firm of Keith B. Schulefand, Esq., will inform you of all your options and rights in pension division. We help clients in the Buffalo area avoid potential issues further down the road with our proven strategies.
You need a qualified domestic relations order (QDRO) to divide a 401(k) without dealing with potential tax issues. A QDRO allows you or your spouse to receive payments from a 401(k) in the form of:
- Proceeds to their own retirement plan
- A full cash payment
- A share within the 401(k)
- Payment when the owner of the 401(k) retires
Dividing Individual Retirement Accounts
Individual retirement accounts (IRAs) are slightly different. Since they are not based with your employer, you do not need a QDRO to divide them. Instead, you must directly transfer traditional or Roth IRA funds from one spouse to another.
It is important to complete IRA transfers within one year of your divorce to avoid tax consequences.
Contact A Lawyer Who Knows What They’re Doing
If your retirement assets are not divided right the first time, you could face serious consequences with the IRS. You can put your trust in the law firm of Keith B. Schulefand, Esq. We have over 30 years of experience to support you. At our firm, we understand how important it is to protect your property and finances in a divorce. We facilitate the division process, so you can put your divorce behind you.
Contact us to arrange a confidential consultation at our offices in Williamsville.