Know Your Rights Regarding Retirement Savings and Divorce
You have worked hard for years to earn a living now and build up your retirement savings for the future. Now that you are facing divorce, it is possible that much of what you have worked hard for may be taken away from you.
With more than 100 years of combined legal experience, the Ohio family law attorneys at our law firm of Rittgers & Rittgers know how to protect your rights to retirement savings through the divorce process. We can help you understand what to expect and work to maintain what is rightfully yours.
Understanding Your Retirement Savings Options
Like any other marital asset, your retirement account, pension, 401(k) or 401(b) is subject to division during divorce according to Ohio's rule of equitable distribution. This does not always mean equal, but instead means what is equitable according to the circumstances of the marriage.
We can assist in properly valuing the marital portion of your retirement funds. We can then advocate on your behalf to ensure that the division of these assets is handled in the fairest manner. Often, this leads to one of two resolutions:
- Maintain the integrity of the retirement savings account: This allows you the ability to keep your retirement account in your name, so as not to lose any value of the account by closing it early. Any portion that would be given to your spouse would then be in the form of other marital assets.
- Close the account and divide the marital portion equitably: In situations where there are no other marital assets to balance the division, the court may require you to apportion the account. To do this, specific orders must be properly prepared and submitted to avoid tax and penalty.
Not all retirement savings accounts are treated in the same manner by the court. For example, military, police, fireman, and state plans require that you follow specific rules and regulations. Working with an experienced property division lawyer who understands these special laws can be key when seeking to protect your interests in your accounts.
Contact a Cincinnati Retirement Division Attorney at Our Law Firm
If you are going through divorce, speak with one of our skilled family law attorneys about ensuring you are able to keep your fair share of your retirement accounts. Contact our Ohio divorce law firm online or call us at 513-932-2115 to schedule an initial consultation.