Middlesex County Divorce and Pension Attorney
For most couples, retirement accounts are the second most important asset next to their home. During the divorce process then, it is important to fairly divide the marital portion of pensions and 401(k) accounts. This is not always a simple task. There are significant issues involving taxation, vesting and potential withdrawal penalties that must be taken into account.
Attorney John B. D'Alessandro has a thorough understanding of these issues, and how to fairly divide pensions, IRAs and retirement accounts. Mr. D'Alessandro can review your financial situation and explain what our firm can due to obtain a fair and equitable outcome for you.
To learn more about dividing pensions and retirement accounts in divorce, contact our firm.
Dividing Pension and Retirement Accounts
If a person is younger than 59½ years old, there are substantial tax liabilities for withdrawing funds from a 401(k) account. Defined benefit pension plans may pose other problems when it comes to tapping the value of the account for the purposes of a divorce settlement. Fortunately, there may be more than one way to achieve a fair division of retirement accounts. For example, it may be possible to offer a comparable amount of cash or real estate asset in place of the other spouse's share of the IRA or pension account.
Our lawyer, John B. D'Alessandro, has extensive experience in matters involving the equitable division of property. Mr. D'Alessandro is creative in his approach. He understands what can and cannot be done when dividing retirement assets. Our firm will work with an actuary to develop a Qualified Domestic Relations Order (QDRO) that fairly divides retirement assets, while minimizing withdrawal penalties or taxes.
Contact Us Today
Contact The Law Offices of John B. D'Alessandro, LLC in Union, New Jersey, for a consultation with a Union division of retirement accounts attorney.
