If you are considering divorce, you and your spouse may have retirement accounts subject to marital property division. It is important to evaluate what steps you need to take to ensure that these accounts are divided between the parties.
There are several types of retirement accounts that may be divided in a divorce. The most common type of retirement account is a qualified plan such as a 401(k), 403(b), deferred compensation or a pension.
To divide these accounts, a special order called a Qualified Domestic Relations Order or QDRO must be prepared by your attorney or a financial adviser.
Plans such as TSP, FERS or other government retirement accounts, which are non-qualified, may also be divided by a QDRO or sometimes a different type of order may be issued as applicable.
If there are individual retirement accounts, such as a traditional IRA or a Roth IRA, they may be divided without a QDRO as part of a divorce judgement. However, it is important to contact the provider of the account to determine what actions are necessary.
If you have questions regarding the division of retirement accounts in a Wisconsin divorce, contact the Waukesha Family Law Offices of Jane Probst S.C. for more information today. With over 25 years of experience the attorneys at Probst Law Offices S.C. have the experience and expertise to handle the most complex property and marital asset division issues on behalf of their clients. Call today at 414-210-3135.