How Divorce Affects Retirement
You have spent your whole life working toward a leisurely retirement. Not knowing where you stand after your divorce can be upsetting. With 40 years of experience, Richard E. Fowlks, Attorney at Law, can break down your specific legal concerns to help you get a better picture of your future. This short guide will assist you in understanding the pertinent details of retirement and divorce.
How Are Retirement Accounts Divided?
As a retirement account was likely built up during your marriage, it is considered to be part of the marital estate and is subject to property division laws. In Oregon, division is based on a principle of “equitable division,” meaning all marital property is split equitably rather than equally. That leaves significant room for negotiation but also room for abuse, so it is important to have an experienced lawyer guiding you when settling your estate.
If you have been contributing to an IRA since before your marriage, then the sum total of your IRA prior to marriage would be considered separate property. However, after you are married, any contributions to your IRA, and the interest earned from those contributions, would be considered part of the marital estate.
Is A QDRO Right For You?
Since your ex-spouse is entitled to a portion of your retirement account, you may want to obtain a qualified domestic relations order to save yourself time and hassle. QDROs are special orders that allow your retirement account administrator to distribute funds to you and your ex according to your agreement. These orders often also have provisions to address life changes such as you or your ex getting married again.
Divorce And Retirement Advice
Making the right decisions when it comes to planning for your retirement and your divorce is difficult. You want your lawyer to have the experience to guide you through this process to a stress-free resolution. We offer consultations at a discounted rate with no obligation and no time limit. Contact us today through email or by calling 503-505-7941 or 888-779-8837.
We work throughout Portland and the tri-county area.