Among the many assets that must be divided between spouses during divorce, retirement accounts are some of the most important. However, they can also be some of the most challenging assets to fairly divide. When splitting up a pension, 401(k), IRA, or another retirement account, you must be aware of any issues regarding early withdrawal penalties, taxation, vesting, and more. Please continue reading and reach out to our dedicated Morris County divorce lawyers to learn more about dividing retirement assets in a divorce and how our legal team can help you through the process.
Dividing Retirement Assets in a Divorce? | Our Lawyers Can Help
With more than 75 combined years of experience, the New Jersey attorneys at Townsend, Tomaio & Newmark, L.L.C., fully understand the relevant issues and concerns at stake in divorce and retirement. Our Morristown law firm is well-equipped to help you defend your fair share of these retirement assets and make the most of your future.
Qualified Domestic Relations Orders (QDRO) in New Jersey
After a divorce, the court may give an order for the division of certain retirement benefits. This is called a qualified domestic relations order (QDRO) and may affect the division of 401(k)s, pensions, and other retirement plans.
Retirement plans for teachers, law enforcement personnel, government employees and certain others are often considered non-qualified plans. In these cases, the court will often issue a domestic relations order (DRO) instead of a QDRO.
Speak to Our Morris County NJ Pension Division Lawyers
Did the contributions you made during your marriage allow your spouse’s retirement account to grow? If so, you are entitled to equitable division. Learn more by contacting the New Jersey equitable division attorneys at Townsend, Tomaio & Newmark, L.L.C., today. Contact us if you would like to talk to an experienced asset division attorney about retirement divorce settlements or dividing a 401(k) in divorce.
