Allen, TX Pension, 401(k) and IRA Division Lawyer
Retirement benefits are another complicated aspect of asset division in a divorce. Any equity earned on retirement benefits throughout the duration of the marriage is considered community property and must be divided during a divorce, regardless of the length of marriage or the ages of each spouse. It is in the best interest of both parties to retain an experienced divorce lawyer who can navigate the complex matters related to pensions, 401(k)s, IRAs and other benefits.
In Texas, retirement benefits are typically split 50/50 between the two spouses. However, the division of retirement benefits can vary dependent on the earning capacity of each spouse, child custody, or separate property, among other factors. In the event that both parties can agree on separate arrangements, the courts will honor those arrangements in the final divorce decree.
In the division of retirement benefits, it is also important to address potential tax implications. One way to protect your financial and tax interests is through a qualified domestic relations order (QDRO). QDROs are a requirement for retirement plans that are subject to the Employee Retirement Income Security Act (ERISA). Through a QDRO, one spouse can transfer a share of his or her retirement funds to the other spouse.
Family law attorney Phillip Linder will work with you to determine if a QDRO is required in your situation, and help to prepare the necessary documentations to comply with ERISA guidelines and send to the plan administrator for approval.
Allen, TX divorce attorney Phillip Linder provides clients with advice and guidance through all aspects of property division, including the division of retirement benefits. The legal staff at Linder Haynes Law Firm will thoroughly assess the value of all retirement assets that fall under community property, including:
- 401(k)s
- Deferred pension plans
- IRAs
- Stock options
- Military pensions and veteran’s educational benefits
- State and county pension plans
- Federal and civil service retirement benefits
Contact Linder Haynes Law Firm | Allen, TX Pension, 401(k) and IRA Division Lawyer
Contact Linder Haynes Law Firm to schedule a consultation to discuss your retirement account division. We are available during regular business hours or by appointment at other times. You can reach us by phone at 972-649-6490 or by email at info@collincountyattorney.pro.
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