Division of Pensions in Divorce
Retirement pensions can be among the largest assets that must be divided between spouses in a divorce. Even your employer’s contributions to a retirement plan could be subject to division at the time of divorce. Because pensions are among the more complex areas of property division, you will benefit from representation by a skilled lawyer who can help explain your options and protect your rights. At the McDevitt Law Office in Fairfax County, I have been helping clients with retirement pension matters for more than a decade.
I am family law attorney Lisa Lane McDevitt. With extensive experience in family law, I will provide sound legal advice in property division discussions regarding your retirement and pension and advise you about how much of your account will be susceptible to Virginia’s equitable distribution laws. I also can prepare a Qualified Domestic Relations Order for you, a court order signed by the judge that requires your retirement or pension plan administrator to divide the account according to the proportion stated in the order.
Why Do I Need Virginia Divorce Lawyer?
You must have a Qualified Domestic Relations Order before your qualified pension and retirement plans can be divided. These plans, which are covered by the Employee Retirement Income Security Act (ERISA), include:
- Pensions with defined benefits
- Defined contribution plans such as 401(k) and 403(b) tax sheltered annuities
- Thrift savings plans
- Some profit-sharing and money purchase plans
- Employee Stock Ownership Plans
I will clearly explain the QDRO process, prepare the QDRO for you and educate you about a special tax shelter available to you and your spouse because of your divorce.
If you are divorcing a spouse who has a qualified pension plan, it is important that the QDRO is put in place during a divorce or you will no longer have rights to it. I can help you avoid confusion and unnecessary delays that could hinder your ability to receive the retirement pension benefits owed you.
Though the pension aspect of property division can seem daunting, you can rely on me to guide you through the process and explain every step so you know what to expect.
I will be accessible when you have questions or concerns. I return all phone calls within 24 hours. Contact me at my Vienna, Virginia office to discuss your case.