In order to accrue the full value of your retirement account, you must wait until the account matures.
However, the contents of your retirement account are subject to equitable distribution according to the laws of almost every state. For that reason, it becomes necessary, sometimes, to raid the retirement account to divide the assets.
A QDRO allows a divorcing couple to divide the contents of the retirement account without triggering the financial penalty. The VanNoy Firm can help Dayton, OH, couples navigate QDROs and other complex asset management matters during their divorce.
Once your divorce is finalized, you must ensure that the court has issued an order concerning the specific IRA or 401(k) that will be divided. Once you have the court order, you will submit it to the retirement plan administrator. The administrator will review the order to ensure it meets the requirements of a valid QDRO. In most cases, there are no issues here. The administrator will use the terms of the QDRO to create two retirement trusts, one for each spouse. Your retirement plan has now been divested into two.
Do I have to give up a stake in my retirement assets during a divorce? Not necessarily. It depends heavily on the earning power of both spouses. Technically, under Ohio law, everything that the two spouses earned would be considered a part of the marital estate. That only discludes inheritances and gifts. So, it’s basically everything acquired during the marriage, including retirement benefits.
In cases where one spouse accrued retirement benefits and the other did not, the retirement benefits are almost always subject to distribution.
The only way to prevent a retirement account from being disbursed in this manner is to offer something else in place of it.
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Life Changing Attorney!!! Words cannot fully express the gratitude I have for Attorney Anthony VanNoy. He went above and beyond in every possible way and truly changed the course of my life. I had two court cases that felt overwhelming and uncertain, but thanks to his dedication, patience, and genuine care, both resulted in amazing outcomes. From the moment we hired him, everything changed. He immediately stepped in, got me a court date the very next day, and had me released from jail that same day. My previous attorney had told me I’d be waiting a month just to be…
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I thank God for the VanNoy firm & every associate that we've dealt with over the years. My family & a couple friends of mine are all pleased with the professionalism, patience, experience, & love shown from top to bottom. Anthony is a true man of Faith & the fact he takes every case he has before God shows how much he cares for his fellow man. Thank you every time for everything. God bless you.
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Anthony was very pleasant, and very helpful! He explained a lot of what's gone wrong in the past and how to fix it going forward.
Anthony is an amazing and very experienced attorney. Super friendly, very comfortable and well respected among his colleagues. He is always easy to talk to and is very understanding. His legal staff is exceptionally knowledgeable and Nina is awesome! She’s always super friendly and helpful. Team member John A. Is always quick to respond to my questions and incredibly intelligent with great attention to detail. He was very helpful with my case. I highly recommend the VanNoy Law Firm if you want someone to handle your situation with professionalism, kindness and care!
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