DIVIDING RETIREMENT ACCOUNTS FAIRLY
At Cognetti & Associates, located near Harrisburg, Pennsylvania, we provide skilled representation to individuals facing complex equitable distribution issues that may arise during a divorce. One of the most common assets to be equitably divided in a divorce is the pool of retirement benefits. The division of pensions and retirement benefits may be complicated and requires the guidance of legal representation that is skilled in valuation and equipped to protect your interests. We work to determine how the assets are valued, when they are valued, and what their present and future distribution will look like.
How Do Retirement Benefits Fit With Your Overall Property Division?
Retirement benefits that are earned during the course of the marriage are considered marital property and are included in the division of assets during the divorce. We handle the division of all retirement and advanced savings vehicles, including pensions, IRAs, 401(k)s and 403(b)s. A retirement account can be divided between the two spouses. In an equitable split, however, arrangements can be made for one spouse to keep the account in its entirety, granting the other spouse assets equal to what he or she would have been awarded if the account was split. This is where issues of valuation become especially important. It must be determined how much the account is worth, both currently and in the future.
Working With Financial Professionals To Craft An Effective Solution For You
If it is determined that the spouses will split the account, our lawyers will work with an expert to prepare and file a qualified domestic relations order (QDRO) so that retirement funds can be transferred without a tax penalty being assessed. Led by veteran attorneys Maria Cognetti and Dave Schanbacher, our legal team is adept at handling this complicated procedure. To arrange an initial consultation with an experienced attorney to discuss your retirement benefits and divorce, please call our law firm today at 717-909-4060. Or, if you prefer, complete our online form. Based in the Harrisburg area, we serve clients throughout Pennsylvania.