DIVISION OF RETIREMENT DIVORCE ATTORNEY IN UTAH
When a court grants a decree of divorce, it will also address the parties’ rights with respect to the assets they acquired during their marriage, including retirement assets such as 401(k) accounts, IRAs, and pensions.
How Does a Division of Retirement in Divorce Work in Utah?
While the Utah court decree deals with each person’s rights to retirement assets, a separate order from the court is often required in order to effectuate the actual Division of Retirement in divorce. This separate order is sometimes referred to as a Qualified Domestic Relations Order or QDRO.
Once signed by the judge, the QDRO acts as instructions to the account administrator to divide the retirement account in accordance with the terms of the divorce decree. This is usually done by splitting the retirement into two separate accounts, one for each party. Splitting the account through a QDRO avoids the often-heavy tax penalties associated with simply withdrawing the funds and dividing them up
After the account has been divided (Division of Retirement) according to to the QDRO, each party is typically free to do whatever they want with the retirement account, including cashing it out (subject to normal tax and/or penalties) or leaving it as is (and avoiding those taxes and/or penalties).
How Can a Division of Retirement in Divorce Attorney Help?
While some parts of a QDRO’s content are required by federal law, each account administrator has their own preferred style and wording for different retirement programs. This combination of mandatory content with varying styles can make preparing a Division of Retirement in divorce and preparing a QDRO complicated and confusing.
Getting help from a divorce attorney who understands Utah Division of Retirement will help ensure that you get the proper amount of retirement you are entitled to. A knowledgeable divorce attorney can take action to see that the divorce decree is properly implemented in an efficient and cost-effective manner.
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Ogden, Utah 84403
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