Splitting Joint Retirement Funds After Divorce
After a divorce in Virginia, one of the assets that will need to be divided are the retirement accounts that you or your ex-spouse may have. Discuss your finances with a divorce lawyer to make sure this is done correctly to prevent tax problems and major headaches in the future.
The first thing you will need is a Qualified Domestic Relations Order. A QDRO is a court order that allows you to receive a percentage or your ex-spouse’s retirement fund. Basically, you will become a beneficiary of his account; however, it is important to remember that because you will have the rights to this money, it will be your responsibility to pay taxes on it. Your divorce lawyer can answer any questions you have about this. The QDRO also will allow your ex-spouse to take his share of the money and roll it over to another account.
Your divorce lawyer will set up the QDRO by adding special language to the divorce papers, such as your name and mailing address, the plans to be split, the amount or percentage to be distributed, and the benefits period. Other details should be discussed with a tax professional because your divorce lawyer may be unaware of them.
If you are going through a divorce inVirginiaand have questions about retirement funds and other financial topics, you need a qualified divorce lawyer. Contact the law office of Hofheimer Family Law Firm today. They are a firm of experienced family law attorneys that can help you with your divorce. Call today at 1-757-425-5200.