How Divorce Changes Your Retirement Planning
Pensions, 401(k) benefits and other retirement funds can create some of the most complicated and contentious aspects of a divorce. Attorney Patricia Best Vital, founding attorney and sole practitioner of Vital Law Office & Dispute Resolution Services in Chattanooga, Tennessee, has the experience and knowledge to guide you and to direct you to resources in handling these complicated legal matters. With more than 20 years of divorce and family law practice experience, Ms. Vital offers unique insight and guidance as you focus on protecting your financial interests throughout the divorce process.
Complicating Factors When Dividing Your Retirement Plans
Most people simply don’t know what goes into the division of assets agreements or orders when it comes to dividing 401(k)s and other retirement benefit assets. Some of those complications may include:
· Determining the percentage of interest each party should receive
· Deciding what portion of the benefits should be considered marital property
· Establishing at what point the interest and pensions should stop being considered marital property
Another complication involves qualified domestic relations orders (QDROs). A QDRO is a legal instrument that establishes a spouse’s right to receive a portion of the other spouse’s retirement benefits. Typically, QDROs are addressed as part of a mediated settlement agreement that, in turn, may become incorporated into a Court Order. These determinations involve knowledge, experience and complex calculations.
Contact the Vital Law Office for Help
Schedule a consultation with an experienced divorce and family law attorney in Chattanooga, TN.