You and your spouse have worked hard and saved throughout your marriage so that you could afford a comfortable retirement someday. By now, your retirement savings are likely very substantial, and you may be on track to retire on schedule — but divorce has thrown a monkey wrench into the works.
Now it appears whatever plans you or your spouse had for spending your retirement years together are out the window. Divorce also means, in most cases, having to divide your retirement funds equitably, as New York law requires. Depending on how much you have saved and how much of those savings were acquired during the marriage, this could mean millions of dollars in cash and investments are at stake.
Required for many retirement accounts
Besides the need to negotiate a settlement or otherwise resolve how to divide your retirement accounts such as a 401(k), Roth IRA and pension, there is the matter of the qualified domestic relations order or QDRO. This is a court order directing the entity administering a retirement account, pension or profit-sharing plan to pay a portion or benefit to the planholder’s former spouse. For example, a QDRO could order a 401(k) through Spouse A’s income to make monthly payments to Spouse B.
An experienced New York City divorce attorney can handle it
This is an extra step in property division that does not apply to things like ordinary savings accounts, real estate and so on. Once you and your ex have settled on how to divide your retirement assets, your attorney can prepare the QDRO for approval by the judge. Once that is done, you can begin adjusting to a retirement dream that will be different but just as fulfilling.
At Poppe & Associates, our focus is relentless advocacy for our clients. If you need help with a QDRO divorce or other family law matter in New York, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
Let Me Be Your Brave
Mia Poppe, Esq.