Family Law / Divorce / Dividing Retirement Accounts
Perhaps you agreed as a family to save money back for a rainy day. If a divorce is unavoidable, a spouse is entitled to a portion of the accumulated retirement accounts, irrespective of whose name is on the account. In order to divide the accounts in the most economical way to avoid tax consequences, etc., retirement accounts are divided by Qualified Domestic Relations Orders (QDROs) or Division of Property Orders (DOPOs). Some employers or agencies require certain forms to divide the retirement accounts. Roberts & Kelly, LLP has a knowledgeable staff that works closely with an accountant or with the company itself to assist clients in dividing retirement accounts.
A QDRO establishes one spouse’s legal entitlement to receive a percentage of the other spouse’s retirement account. The QDRO may allow the receiving spouse to withdraw his or her portion or invest the monies into a separate account, while avoiding the tax consequences of withdrawing the monies.