Attorneys Helping You Divide Valuable Retirement Assets In Divorce
When dividing assets in a divorce, most wonder what will happen to the marital residence or a jointly owned vehicle. But ironically, the asset that is often overlooked is likely to be the most valuable of all: retirement accounts and savings. You may be years or decades away from retiring, but these assets will be critical when the time comes. Even if a pension, 401(k) or other account is in one spouse’s name only, both may be entitled to a portion of it.
When you hire Catterlin & Arnold Law Firm, our skilled family law attorneys invest the time and work necessary to thoroughly catalog marital assets – including retirement accounts – and to ensure you receive your fair share under Arkansas law.
Creating A Qualified Domestic Relations Order
In most states, including Arkansas, retirement savings earned during the marriage are typically considered marital assets and are therefore subject to division in divorce. This means that you may be entitled to a portion of your spouse’s retirement plan, even if they opened the plan prior to marriage and it remains only in their name.
Once we calculate your share of your spouse’s retirement account, we can seek to obtain those funds. Because many retirement accounts are tax-deferred, withdrawing the money now would likely result in huge financial penalties. Therefore, we need to create and submit a qualified domestic relations order (QDRO), which is the order necessary to have those funds transferred to a different account in your name.
It can be difficult to both create a QRDO and get it approved because each account servicer has its own policies, procedures and forms. Some family law firms steer clear of QDROs altogether because of the time and skill required. But our attorneys are ready to assist you.
Talk To An Attorney About Your Legal Needs For Free
At Catterlin & Arnold Law Firm, we are pleased to offer free initial consultations to all prospective clients. If you’d like to learn more about how our knowledgeable and caring family law attorneys can help you, call our office in Lowell at 479-339-0778, or reach out online.