As experienced Monmouth, NJ divorce attorneys, we are dedicated to helping you get the retirement benefits you are entitled to in your divorce settlement.
When married, your dreams for the future and plans for retirement are closely tied into those of your spouse. Particularly if they are the primary breadwinner or have significant retirement savings or a pension account, you may be dependent on them for your future financial security. Getting a divorce can jeopardize your plans and your overall well-being, both now and in the years to come. Find out more about how divorce can affect your retirement and your rights in a marital property settlement.
Retirement Benefits: When They are Included as Marital Property in Monmouth County Divorce
Getting a divorce is always difficult and has the potential to impact you for years into the future. One of the most important ways to protect yourself is by ensuring you get what you are entitled to in any marital property settlements or orders.
Under the New Jersey Statutes, anything earned, acquired, or otherwise accumulated over your marriage is considered marital property and subject to equitable distribution in divorce proceedings. This includes homes, cars, household furnishings, collectibles, investment, money in bank accounts, and retirement benefits, including a portion of your spouse’s 401k, pension, or other retirement accounts.
Important Issues Concerning Retirement Benefits in Your Divorce
Even if your spouse is not due to begin collecting on pension or retirement benefits for years into the future, you may still be entitled to a portion of these in your marital property settlement or as part of any alimony you are entitled to receive. Factors to consider when seeking retirement benefits from your spouse in a divorce include:
- You need an accurate statement of retirement benefits earned from the date of your marriage until the date you filed for divorce;
- You need a Qualified Domestic Relations Order (QDRO) issued by the judge in your case to obtain your share of retirement benefits;
- You need to consider options in terms of payouts and rollovers to avoid tax penalties;
- If you were married for ten years or longer, you may also be entitled to a portion of your spouse’s Social Security retirement benefits.
Request a Consultation with Our Monmouth County Divorce Attorneys
Getting your fair share of retirement benefits in a divorce can help to ensure you are provided for in the future. At Lomurro Law, you can count on us to provide the professional legal representation you need. To request a consultation, call or contact our Monmouth County, NJ divorce attorneys online today.