Pensions, 401Ks and IRAs in New York Divorce Property Division
Marital property in most divorces will include a valuation and division of pensions, IRAs, 401Ks and other types of retirement income such as deferred compensation. Determining what portions of retirement funds belong to each spouse after a divorce is a job for an astute family law attorney. Colwell, Colwell & Petroccione, LLP is an Albany family law practice with ample experience representing New Yorkers preparing for divorce involving retirement fund division.
Colwell, Colwell & Petroccione, LLP lawyers are available to people in and beyond the Albany area to assist with QDROs (qualified domestic relations orders) that spell out what percentage of a retirement account will go to each spouse in the future. This allows funds to remain intact without prematurely distributing the accounts, which could have serious tax liability for you.
For a free consultation, call 866-377-0285 or contact us online.
The designation of payout of pensions is a high-stakes issue both for the wage-earning spouse and a dependent spouse. Errors in calculations can mean a difference of thousands of dollars at a time of life when financial support will be very important — retirement. At Colwell, Colwell & Petroccione, LLP, we strive to ensure that a thorough QDRO is drafted to include survivorship rights, COLA increases and any pre- or post retirement benefits.
In marriage, you and your spouse were working toward a financially secure future together. Family law and the courts recognize your contributions and your future needs when it comes to dividing retirement funds and other types of future income sources (stocks and bonds, for example). Protect your legal rights as pensions and retirement accounts become part of the divorce equation.
Is your spouse or his or her attorney encouraging you to waive your right to a share of the retirement fund in exchange for some other asset? Do you need help determining whether it makes sense to accept such an offer?
You don't risk anything by giving our law firm a call. All clients receive a free initial consultation. To schedule yours, call 866-377-0285 or contact us online.
