Retirement plans belonging to either party are subject to division in a divorce. Even if you owned a retirement plan before 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. We aim to ensure you are treated fairly during all phases of the divorce process.
We Represent People With Significant Retirement Portfolios
Our divorce lawyers in Denver have represented doctors, attorneys, CEOs of Fortune 500 companies, small and mid-sized business owners, professional athletes, and entertainers. We regularly advise on complex property division issues, including the division of retirement assets. We have experience with qualified retirement plans (401k, IRA) and 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, 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. 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 using a qualified domestic relations order (QDRO) or other methods to divide the account for you. In some situations, 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. One of you may want 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.