When you go through a divorce, New York law requires you and your spouse to disclose all your assets so that you may divide your marital property in a way that meets guidelines of fairness. This is known as the property division process, and it can be frustrating, slow moving and highly technical.
Dividing a checking account is relatively straightforward. Dividing the value of a home or a car is harder. Still more difficult are stock options, ownership stakes in businesses and other complex assets. Many people going through a divorce have the most trouble when it comes to dividing retirement accounts.
The Law Offices of Kristine M. Demo-Vazquez, P.C., in Rochester, New York, has extensive experience with some of the most difficult issues in divorce and family law.
We have the skill to determine the value of these assets and fight to get our clients the best results they can in property division.
A retirement account such as a 401(k) or a pension can represent a huge chunk of the marital property in your divorce. However, if you try to split your account 50-50 and give half to your ex, you will likely face a big penalty for early withdrawal. You and your ex may also take a big hit in the form of taxes.
The best way around these problems is through a qualified domestic relations order, or QDRO. This court document can achieve many objectives in a divorce, including division of retirement accounts. Essentially, the QDRO gives the ex-spouse a right to claim an agreed-upon portion of the retirement account.
Determining the value of the account and its appropriate division, and drafting the documents necessary to provide for both parties, takes a skilled attorney.