Bergen and Hudson County Lawyer for Division of Retirement Accounts
Over the course of a marriage, any assets earned in a pension fund, IRA account, or 401k savings plan are subject to division. In order to divide retirement and investment funds, a qualified domestic relations order (QDRO) must be filed with a particular plan's benefit administrator. In essence, a qualified domestic relations order allows an ex-spouse (alternate payee) to claim a certain amount of ownership in a former spouse's pension plan if the plan in question is equitable distribution. While the process itself may sound relatively straight forward, there are a number of financial considerations that must be taken into account. At the Law Offices of Jeffrey Bloom, we help clients prepare and submit qualified domestic relations orders, ensuring they are ERISA-compliant and properly documented.
If you're considering divorce or have been served with divorce papers and need more information regarding the division of marital assets, contact West New York and Hackensack, New Jersey family law attorney Jeffrey Bloom today. Call (855)884-8554 in Hudson County or Bergen County.
Dividing Marital Assets and Qualified Domestic Relations Orders
In general, the following is subject to division through a QDRO:
- Deferred pension
- Stock options
- Federal civil service retirement plans
- State and county pensions
- Military pension plans
Submitting a Qualified Domestic Relations Order
Prior to submitting a qualified domestic relations order to an employer, the state Superior court must first enter the order. Afterwards, a plan administrator for the benefits plan in question must review the order to determine if it is in compliance with ERISA. Qualified domestic relations orders are reviewed to ensure they conform to New Jersey's domestic relations laws, ERISA, and applicable tax law.
When submitting a qualified domestic relations order, you should include the full address of yourself, your ex-spouse (the contributor), and the employer who sponsors the plan. You must submit your social security number for you and your ex-spouse, the contributor's plan identification number, and the name of the plan.
Contact a Hudson County Pension Division Lawyer
Understanding how 401ks and IRAs are divided upon divorce can be confusing if you are unfamiliar with qualified domestic relations orders. For more information regarding the division of 401ks, IRAs, and pension funds, contact divorce attorney Jeffrey Bloom today to schedule an appointment to discuss your case. Call (855)884-8554 in Hudson County or Bergen County.