Pensions, Retirement Accounts and Divorce

Divorce can be a very confusing time, especially where pensions and retirement accounts are concerned. Division of these assets is more complicated than dividing community property and may require a Qualified Domestic Retirement Order or QDRO.

A pension is either a defined benefit plan or defined contribution play and provides a type of payment arrangement after one retires or no longer earns a regular income. A retirement account may be a 401(K), SEP-IRA, IRA or other self directed retirement plan.

In order to accurately divide pensions and retirement accounts, you will need to know the total value of the accounts. The pension provider will be able to tell the value of your pension. Without the proper value of the accounts it is almost impossible to accurately schedule the division in the divorce decree.

Division of a retirement account is usually simpler and follows the principles of community property division. Pension plans are a little more complicated and either the parties can agree to a division or the court will order a QDRO.

Call (702) 914-0400 to talk with a Las Vegas Family Law Lawyer