How Are Retirement Savings Divided in a Divorce?
Do You Know How The Court Will Divide Your Property?
Hundreds of thousands of couples file for divorce every year, and while
most of them spend their time thinking about who will get the house, who
will get the kids, who will get the wedding gifts, etc., many forget to
consider the more complex aspects of property division like how retirement
savings accounts will be split. Courts will treat your retirement just
like any other marital assets, so it’s important to hire an experienced
divorce attorney to help you navigate the process and secure a beneficial outcome.
Call us at (909) 992-0188 today to speak with a San Bernardino divorce attorney.
Divorce is a complicated process, but you don’t need to go through
it alone. Our divorce attorneys at James D. Madden & Aruna P. Rodrigo, Family Law Attorneys have
dedicated their careers to assisting people going through a divorce understand
all aspects of their divorce in order to put them in the best position
to fight for a beneficial outcome. Whether you are currently considering
filing for divorce or if you’re already going through the process,
contact us today and let us help you through this difficult time.
What the California Family Code Says About Property Division
The California Family Code divides assets into two categories, separate
property and community property. Separate property refers to items or
assets owned by one party before they were married, or any items, gifts,
or inheritances specifically given to one spouse during the marriage,
while community property refers to items, assets, or earnings received
or earned during the marriage. Retirement savings accounts are considered
as community property, no matter what type of plan you have.
Retirement plans that family court can divide include, but are not limited to:
- Roth IRA
- Traditional IRA
- Simple IRA
Family court bases their decision on how to divide federally controlled
retirement plans on a qualified domestic relations order (QDRO). However,
there are certain things unaffected by a QDRO like providing benefits
that exceed the interest value or requiring the plan to pay extended benefits
that aren’t specifically offered by the retirement plan. The court
will most likely bring in an expert in order to accurately determine the
current value of a defined benefit plan. A qualified attorney can help
provide you with the necessary information so you understand the process
and aren’t caught by surprise when the court gives its ruling.
Fill out our online form to request a free case assessment.
Hire An Experienced Attorney Today
At James D. Madden & Aruna P. Rodrigo, Family Law Attorneys, our San Bernardino divorce lawyers
are led by a board certified family law expert who is ready to assist
his clients with the knowledge he has acquired over nearly two decades
of practicing law. If you are either preparing for your divorce or in
the middle of proceedings, give us a call at (909) 992-0188 to speak with
one of our divorce lawyers, or
fill out our online form to get started with a free case assessment.