Property division, or the splitting of marital assets, tends to be one of the most complex and time-consuming aspects of a divorce. While most people understand that joint property such as cars, homes, and bank accounts are subject to division, many are unaware that retirement accounts and pensions may also be split.
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What Types of Accounts Are Subject to Division?
Unless your retirement accounts are specifically protected in a postmarital or premarital agreement, all types can be subject to division. In many cases, retirement accounts are the largest asset a couple owns, so it is important to retain a Katy divorce lawyer who will advocate for your fair share. The types of accounts which may be split include, but are not limited to:
- 401(k) accounts
- IRA accounts
- Pensions
- Military pensions
- 403(b) accounts
What Is a Qualified Domestic Relations Order (QDRO)?
While the division of your retirement will be ordered in the final divorce decree, there is some additional paperwork required. With the help of your Katy divorce attorney, you will need to create a “Qualified Domestic Relations Order” or QDRO. Essentially, this order will dictate what portion of the assets you or your spouse will receive, as well as the manner in which they will be divided.
Although they are a common part of many divorce proceedings, many lawyers are unfamiliar or inexperienced with QDROs. This can be devastating, as the division of these accounts is typically highly complex. Hunt Law Firm often teams with professionals outside the firm who are experts at preparing these documents. After all, a simple mistake can be the difference between walking away with half of the value of the accounts, or walking away with nothing.
Call Hunt Law Firm For Skilled Counsel
The Katy divorce lawyers at Hunt Law Firm have a comprehensive understanding of these complex property division matters. When you retain the firm, you’ll be able to rest easy, knowing that your case is in the hands of dedicated and highly skilled professionals who truly cares about your interests.
Hunt Law Firm is well equipped to handle even the most complex divorce cases. Call (832) 781-0320 to get started.