Bloomington Divorce Lawyers: Division of Retirement Accounts
For most people, living comfortably in retirement is a major financial goal. For years you and/or your spouse have put away money, diligently saving to make that goal a reality. Now that you are facing divorce, you may be uncertain and apprehensive about what may happen to the retirement assets you worked so hard to accumulate.
The lawyers of Bloch & Whitehouse, P.A., can help you gain some peace of mind. With a practice focused exclusively on family law, we frequently deal with the division of retirement accounts in divorce. Whether your holdings are modest or of high net worth, you can rely on us for honest advice and a realistic assessment of likely outcomes.
How Will Retirement Accounts Be Divided in a Minnesota Divorce?
Retirement assets, business property, and all other assets and debts are gathered, valued and divided during divorce. Retirement property acquired before marriage is not subject to division. The assets there were acquired during marriage are divided fairly and equitably.
A Comprehensive Approach to Retirement Asset Division
With more than 20 years of combined experience, our Minnesota divorce attorneys have access to a reliable network of financial experts and tax professionals who assist us in valuing and dividing all types of retirement assets such as:
- 401(k) plans
- IRAs (both traditional and Roth)
- Corporate and public pensions
- Deferred compensation plans
- Thrift savings plans
- Other defined benefit and defined contribution plans
Qualified Domestic Relations Orders
Federal law requires that many retirement plans be divided pursuant to a Qualified Domestic Relations Order (QDRO). QDROs are extremely technical in nature and can have a very large impact on any divorce. An incorrect or missing QDRO can result in heavy tax penalties and an overall reduction in the value of the marital estate. In many high-asset divorce cases, we consult with QDRO specialists to ensure that our clients' funds are handled correctly.
Contact an Eden Prairie Divorce and Pension Division Attorney
To learn more about how your divorce may affect your retirement assets, please contact us online or by telephone at 952-224-9977 to speak with an experienced Minnesota divorce lawyer.
We represent men and women from Minneapolis, St. Paul, Bloomington, Eden Prairie, Richfield, Burnsville, Edina and throughout the Twin Cities metro area. For your convenience, we offer free initial consultations and accept Visa and MasterCard.