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When a marriage ends through divorce, the parties need to divide their joint property fairly. In New Jersey, the division needs to be equitable rather than equal. When the court finds a reason to divide property unequally, it can do so, as long as that division is fair. At the Law Offices of Jeffrey M. Bloom, we have been helping clients work through issues related to property settlements since 1988. We use our nearly 20 years of experience to protect our clients’ rights and interests.
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 family law attorney Jeffrey M. Bloom today – (855) 208-3650.
The process of arriving at an equitable distribution can involve lengthy negotiations, balancing future costs against existing assets. For example, if one parent agrees to pay college tuition or for a bar mitzvah, he or she can rightly argue that the property settlement agreement should consider this. Other issues include:
We use specialists whenever needed to determine the type and worth of the property.
If our client suspects the other party is hiding assets, we consult with forensic accountants and other specialists to appraise businesses and determine their true value. We use Qualified Domestic Relations Orders (QDRO) to make sure that pensions are correctly allocated. If it becomes necessary to sell assets to arrive at an equitable distribution, our law firm can undertake these transactions on behalf of our clients.
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.
Understanding how 401ks and IRAs are divided upon divorce can be confusing if you are unfamiliar with qualified domestic relations orders.
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 straightforward, there are a number of financial considerations that must be taken into account. At the Law Offices of Jeffrey M. Bloom, we help clients prepare and submit qualified domestic relations orders, ensuring they are ERISA-compliant and properly documented.
Our law office has the resources and experience needed to help our clients arrive at an equitable distribution of assets during a divorce. We understand that money is a sensitive and contentious issue and attorney Jeffrey M. Bloom will help protect your rights and your interests during this process. For more information about equitable division of property, contact our law office. We serve Hudson County, Bergen County and northern New Jersey communities such as Jersey City, and Ridgewood.
For more information regarding the division of assets, property, 401ks, IRAs, and pension funds, contact divorce attorney Jeffrey M. Bloom today to schedule an appointment to discuss your case. Call (855) 208-3650 in Hudson County or Bergen County.