Divorce and Retirement


A common question asked when going through a divorce is “what happens to our retirement after?” It is very typical for a considerable portion of a couple’s assets and savings to be in the form of a 401K, IRA, Thrift Savings Annuities or retirement pension plan. An option may be to hire an actuary or pension evaluator. As the value of one’s pension is generally not defined this individual can be a valuable asset during the divorce process.

In order for the retirement assets described above to be divided a Qualified Domestic Relations Order (QDRO) is necessary. The QDRO essentially instructs the administrator of the retirement plan on how each portion of the funds are to be assigned, whether to the spouse or “alternate payee”. Once the plan administrator approves the QDRO your divorce attorney presents the document to the Court. With this document all transfers will occur at the appropriate time and without penalties. The process can be quite complicated. As such, seek out the advice of the experienced divorce attorneys at Simonetti & Associates.

Voted Long Island’s Best Divorce Lawyer with over 30 years of experience in Divorce, Child Custody, Adoption, Same-sex divorce, Pre- and postnuptial agreements, Father’s rights, Separation agreements, Protection orders and Meditation. To help keep your legal costs at a minimum, call (888) 429-4459