How are retirement assets usually divided in a Louisville divorce case? Here in Louisville and across the State of Kentucky retirement assets in a divorce are often characterized as “marital property” and therefore must be divided equally as part of the property division process. If the parties retirement assets are 401(k)s the plan administrator has a Qualified Domestic Relations Order (QDRO) which it prefers to use. Our attorneys work with the plan to properly structure enforceable orders and complete the QDRO so that it may be accepted by the court and the 401(k) administrator.
Pension plans are generally handled in the same manner. Any retirement or pension plan you participated in or funds deposited prior to your marriage should be considered “separate” from marital property and our attorneys work diligently to ensure proper calculations are made to protect our client’s separate property from assertions to the contrary by opposing parties. It is also important to remember to change the beneficiaries listed in your retirement plans after your divorce.
Social Security benefits are not divisible as an asset, however the benefits of Social Security can and will affect issues such as spousal maintenance. There may be additional benefits for those who have been married for more than 10 years or 20 years, especially in the case of a military divorce. For example, the former spouse of a social security recipient who was in a marriage lasting 10 years or more is entitled to receive 50% of those benefits without affecting the payment received by the former spouse.
These issues and the associated paperwork can be quite legally complex and it is important to work with experienced and proven Louisville divorce attorneys at Dodd & Dodd. How are retirement assets usually divided in a Louisville divorce case? We invite you to contact us or call 502-584-1108 to schedule an appointment.