Retirement plans belonging to either party are subject to division in a divorce. Even if you owned a retirement plan prior to your marriage, any increase in its value during the marriage is considered marital property. To make sure you have the retirement savings you need as you move forward with your life, talk to an experienced attorney.
At Hogan Omidi, PC, our senior partners wrote the book on Colorado family law. We are intricately familiar with property division and how it will affect your finances. Our goal is to make sure you are treated fairly during all phases of the divorce process.
We Represent People With Significant Retirement Portfolios
Our firm has represented doctors, attorneys, CEOs of Fortune 500 companies, small and midsized business owners, professional athletes and entertainers. We regularly advise on complex property division issues, including division of retirement assets. We have experience with qualified retirement plans (401k, IRA) as well as private or government pensions, all of which are subject to equitable division, no matter whose name is on the account or who contributed more during the marriage. Every situation is unique. We find the right solution for your circumstances.
We are experienced trial lawyers and will prepare your case accordingly. However, we find that negotiation is frequently the best option to help you and your spouse divide your savings and assets. Our principled approach to divorce is designed to minimize stress while providing maximum benefit to you.
Do I Have To Liquidate My Retirement Accounts To Divide Them?
No. In fact, it’s better for both of you if you do not. In connection with a divorce there are ways to achieve a tax free transfer of retirement assets in the name of one spouse to a retirement account in the name of the other spouse We can advise you on the use of a qualified domestic relations order (QDRO) or other methods to divide the account for you. In some situations, that means one of you will receive his or her share immediately. In others, the recipient will have to wait until the plan holder reaches retirement age. Our attorneys will explain the differences in your plans and how they will affect you and your spouse after your divorce.
Our lawyers are experienced in working with retirement benefits, but we may retain experts to determine the marital portion of a plan or how it should be divided. We will review your financial situation and look for solutions that allow you to retain as much of your retirement benefits as possible. It may be that one of you wants a certain property or asset that we can use as a negotiating point, leaving the retirement benefits intact for the other. We always look out for your best interests.