Many city, county, and state workers earn a pension and other retirement benefits, as do some employees in the private sector. Retirement assets may include employer-sponsored 401(k) and 403(b) plans, IRAs, pensions, military retirement plans, and other assets held in retirement accounts. When a couple divorces in Tulsa, these assets may be considered marital property and subject to equitable division, often through the use of a Qualified Domestic Relations Order (QDRO), which is a legal order that allows these types of benefits to be split between the spouses.
An experienced high-asset divorce attorney from LaCourse Law could play an important role in helping you to understand dividing pension and retirement benefits in a Tulsa divorce and protecting your rights to the benefits you have worked hard to earn. Contact us today to learn more.
The state of Oklahoma uses a process of equitable property division for divorce cases. This means that assets are divided fairly among spouses, but not necessarily equally. Retirement assets and pensions in Tulsa are considered marital property if they were earned during the course of the marriage and are subject to this division.
However, if a retirement account began before the marriage occurred, only a portion of the account is considered marital property. That portion is any earnings or growth that occurred in the assets and accounts during the course of the marriage.
Because the division of all marital assets, including pension and retirement benefits, in Tulsa divorces is based on the notion of equitable division, certain factors may impact exactly how those benefits are divided. Impactful factors include:
In some cases, parties may agree to offset one spouse’s right to a portion of a retirement account with other types of assets, such as the marital home. It is worth noting that many people seek the assistance of a tax professional to understand the tax implications of withdrawing money early from retirement accounts as a result of equitable property division.
An attorney from LaCourse Law could provide guidance and assistance in obtaining a QDRO if needed, as well as provide information about how specific retirement account types work when divided. Dividing retirement accounts and other benefits is not easy, so our experienced team in Tulsa could ensure that nothing in your case is overlooked.
Your family lawyer can also be a resource when searching for a financial professional to assist in appraising your retirement assets, and may negotiate a settlement with the other party’s counsel to include a division of retirement assets or an offset of other types of assets if necessary.
Retirement benefits can be one of the more complex issues to arise when dividing marital assets due to challenges with valuing tax-deferred accounts and obtaining specialized legal orders such as QRDOs. It is important to have a lawyer on your side as you navigate the process of dividing pension and retirement benefits in a Tulsa divorce to ensure no mistakes are made that could cost you later. Contact us to learn more and get your case started.
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