Virginia Divorce Lawyer Advises on Division of Retirement Assets
Retirement accounts that must typically be taken into account in financial property division in a Virginia divorce include the following:
- Pensions
- 401k accounts
- Military pensions
Division of property including retirement benefits is often accomplished through the use of QDROs (qualified domestic relations orders). To discuss the particular circumstances in your marriage and asset holdings as you approach a Virginia divorce, contact a knowledgeable and experienced attorney who will tell you what you need to know and help you solve this legal challenge in the most expedient, cost-effective and equitable manner.
According to the United States Department of Labor, "A domestic relations order is a judgment, decree, or order (including the approval of a property settlement) that is made pursuant to state domestic relations law (including community property law) and that relates to the provision of child support, alimony payments, or marital property rights for the benefit of a spouse, former spouse, child, or other dependent of a participant."
Division of retirement assets is a time-sensitive issue. Marital property contained in retirement accounts is generally considered to be whatever was accumulated in the accounts from the date of the marriage until the date of separation — not the date of divorce. Determining the actual dollar amounts and how these benefits will be paid out to each party in retirement is a job for an economist. Collaboration with experts such as CPAs and employment benefit specialists may be necessary to put a value on, and divide equitably, retirement assets pursuant to a Virginia divorce.
Contact the law offices of lawyer John R. Powell in McLean at 703-584-7716 or by e-mail to schedule a consultation regarding your coming divorce and division of marital assets including retirement benefits. Note that Mr. McLean often meets with clients on weekends and in mutually convenient locations.
