New Jersey Divorce and Qualified Domestic Relations Orders, QDROs
If you need help dividing your retirement assets for your divorce, call Green & Associates at 732-390-0480 or 201-242-1119 for a free consultation about your New Jersey divorce with our NJ divorce lawyer or NJ divorce attorney in our East Brunswick divorce lawyer or Fort Lee divorce lawyer offices.
Generally, when parties to a divorce have retirement assets or pensions, they have to be divided by QDROs or Qualified Domestic Relations Orders, Orders that are signed off on by the parties and the Court. The entity that holds the 401ks or pensions or 403bs or other retirement assets will then divide the monies or shares in the entity pursuant to the QDRO. Generally, the terms of the QDRO are spelled out in the parties' Property Settlement Agreement.
If a retirement vehicle is all marital property then generally that asset may be divided 50/50 as to the martial coverture portion of the monies or shares in the retirement account. Generally, each party is entitled through equitable distribution to half of the portion of the account that accrued during the marriage.
Parties may choose to equalize values in these retirement accounts as well and they must keep in mind that these are pre-tax dollars in the retirement vehicles such as 401ks, annuities, 403bs.
Pensions may be appraised for their current value in order to determine how to equalize values in the retirement accounts as well. These monies have also yet to be taxed and that must be taken into account.
Equity in a marital residence in contrast is in after tax dollars and any attempt to equalize equity in a marital residence with retirement accounts that are pretax must take this into account as well.
Call us today to help you with your retirement account distribution.