In New York, any assets, investments, and properties accumulated during the marriage will be subject to the laws of "equitable distribution." This means that these elements will all be divided fairly, but not necessarily a 50/50 split. If you and your spouse created a retirement fund account, such as a 401k, you must consider what would be the ideal way to settle the matter in your divorce.
What Type of Funds Are Considered Marital Property?
One spouse might elect to waive their right to receive retirement funds. Another option is to settle how the funds will be divided. Your divorce petition should state whether or not you elect either of these options. As Nassau County divorce lawyers, we would suggest waiving your right only if the amount of the funds is fairly small.
Retirement benefits that are considered marital property might include:
- Employee stock options (ESOPS)
- Military pension plans
If you are wondering how best to divide your retirement accounts, you have a couple of options. First, consider how much the value will be if you choose to withdraw the money out in cash or invest it in other assets. Another option is to divide the funds, provided you and your spouse agree to the terms. You will want to retain all of the tax advantages, as well. You should also petition for a Qualified Domestic Relations Order (QDRO), which enables your spouse the right to receive the funds upon transfer.
Take the First Steps Today—Contact Us!
Divorce is costly and often involves a game of push and pull with your spouse over wants and needs does, no matter how long you were married. We urge you to speak with a qualified Nassau County divorce attorney to offer insight into the laws and guide you through the process. Making the right decision, especially in a time as stressful and draining as divorce, is never easy, but The Virdone Law Firm, P.C. can help you create the right path to move forward.