Qualified Retirement Division Attorney for West Chester, Hamilton and Mason Residents
According to Ohio family law, within the property division aspect of a divorce, retirement benefits—including IRAs, 401(k) plans, pensions, and deferred compensation—are considered marital property. As such, they’re subject to being divided between spouses by the court to the extent that they were acquired during the marriage.
Judges in Ohio can use several different methods of valuation to determine the value of a marital asset like a retirement account. Courts generally accept the value of an account if it’s mutually agreed upon by both spouses. If such an agreement is impossible, the court may retain experts like accountants or pension valuators to appraise a particular set of accounts.
Generally, unless there aren’t enough marital assets to balance a division, retirement savings accounts don’t need to be closed out and distributed between parties.
Qualified Domestic Relations Order
In Ohio, spouses who share in each others retirement or pension plans must complete a Qualified Domestic Relations Order for each plan. QDROs are designed to instruct plan administrators on how to divide pension benefits, including benefits amounts to be paid to each party, how and when such benefits can be paid, and other conditions.
Unique Retirement Plans
Some retirement plans can be especially complicated to appraise and apportion within a division order. These include government, military and union plans, each of which are subject to their own specific set of rules and regulations. All of these cases pose difficulties that can be addressed and mitigated by an attorney with experience in retirement division cases.