For couples who divorce later in life, retirement accounts often represent the biggest portion of the marital estate. Conflicts arise in divorce when one spouse lays claim to retirement assets that the other worked so hard to accumulate.
The experienced lawyers of Kvale Antonelli & Raj negotiate and litigate property division in divorce, including the equitable distribution of pensions and retirement savings. We can determine the total value of your respective nest eggs and how those assets would be divided under Ohio law.
We serve Cuyahoga County and surrounding counties of Northeast Ohio, with offices in Cleveland and Chagrin Falls.
Are Retirement Assets Joint Property?
Retirement accounts are considered marital property if those assets were accumulated during the marriage. Regardless of who earned more or who contributed through paycheck deductions, the law sees one pot of money to be divided equally. However, if one spouse had a pension or 401(k) prior to marriage, the premarital portion is considered separate property.
Rather than cashing out retirement accounts at divorce, the future distributions are projected and divided under a qualified domestic relations order (QDRO). Each spouse is assigned a percentage share in the QDRO. That portion can in turn be used for trade-offs or buyout in the overall property settlement.
Our attorneys create QDROs themselves or farm them out to other professionals, depending on the complexity. Either way, we are committed to preserving your hard-earned wealth or securing your fair share, without sacrificing your dignity or your financial interests.
Arrange a consultation with our Cleveland attorneys by calling 216-861-2222 or contact us online.
