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.
Our premier Dayton attorneys work diligently to defend our clients’ rights with aggressive and individualized legal representation.
I am truly appreciate all the work dedication & time Kristie has put in with me & my son Ja’Vien she has been like a second mother to us she has went beyond her way & made sure she stayed with us every step of it. God knows this was hard for me but he sent her to us & I will for ever be grateful for her. Ty sooo much for all u have done for my family I pray we never have to let this be the end of our relationship Truly Kenya & JaVien
As a Dayton Attorney, I have have both worked with Anthony and battled against him in Court for over 25 years. He is a great litigator and a fierce advocate for his client! Besides that, his word is his bond!
Make the Call! Call the VanNoy Firm first!! I spent days, calling around to different firms seeking legal assistance. Our lives can change in an instant and if you are faced with a legal challenge, call the VanNoy Firm! I was blessed to have the support, guidance and overall experience that I did with the VanNoy Firm. Kristie Gotwald represented me in a Child Custody Case. Kristie’s commitment to my case was exceptional. Kristie’s communication, not only with me but also with the court and the opposing layer, kept me confident that Kristie was continuing to fight for justice everyday.…
I highly recommend Kristie L. Gotwald, Esq. from the VanNoy Firm. My cousin avoided a lot of serious time because of her. She was always pleasant and professional and I really appreciate her honesty and transparency through the whole process
Great person and a great lawyer!
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I wanted to take the time to personally thank the VanNoy firm for their professionalism, and very courteous assistance in my legal matters. They helped me get going in the proper direction even being from out of state. Would’ve never expected so much help and such expert advice with a really caring type of attitude. I will highly recommend as well as personally used the VanNoy firm with any future legal matters that they are able and willing to take action on
Mr. Vannoy was excellent in advising and handling the whole legal process, would highly recommend the Vannoy Firm for your legal matters.Mr.Vannoy l will always be greatful. And Ms. Kathy your the best.
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