Qualified Domestic Relations (QDRO) Attorneys
Serving Westfield, Lee, Stockbridge and All of Western Massachusetts
A significant part of the property distribution process in many divorces is determining how retirement accounts, stock options and pensions are to be divided. Massachusetts law requires that these assets be divided like any other property. It is important to get this right the first time, as you cannot revisit it again; property division cannot be modified except under extraordinary circumstances. Protecting yourself and your future is critical.
Division of Retirement Benefits in a Divorce
An attorney experienced with retirement accounts, options and pensions can advise you and ensure that your rights and future are protected. At The Massachusetts Family Law Group, our Springfield lawyers have helped countless clients secure their futures. We advise people about:
Retirement Plans
Make sure your 401(k), 503(b) or other defined contribution plan is fully funded, as you won't have your spouse's income or retirement to supplement it. Both spouses may keep their own accounts, or one spouse may be entitled to a percentage of the other spouse's plan. Remember, if you were married for more than 10 years, you may have rights to your ex-spouse's Social Security benefits. Qualified domestic relations orders (QDROs) make it possible to divide your or your spouse's retirement accounts without some tax penalties. Our lawyers are experienced at drafting QDROs for submission to the court, and have helped many people prepare for a secure retirement.
Pensions
Also known as defined benefit plans, company pensions are less common than they once were. However, both private companies and especially local, state and federal government agencies continue to provide pensions to their employees. Defined benefit plans are sometimes more challenging to prepare. Our law firm has the skills and resources to get QDROs drafted for defined benefit plans in order to protect our clients' futures.
Options
When stock options are part of a spouse's compensation package, they are usually, but not always, included in the property division process during divorce. The person whose options are under discussion can agree to give up rights to the options or share them with the other party. There are many issues:
- How long was the person employed by the company that issued the options?
- Were the options intended to be part of a compensation package or an incentive to stay with the company?
- Are the shares currently worth anything?
Our legal team can help you understand your choices when dealing with options during property division.
Our Record Speaks for Itself
Known by some as "the most sought-after divorce attorneys in Massachusetts," our focus is on aggressive representation of high asset clients in tough cases involving retirement benefits and other complex financial issues.
The vast majority of our clients are referrals from satisfied clients who return to our offices again and again for legal advice on modification and enforcement matters.
With more than 40 years of combined courtroom litigation experience, our group has handled well over a thousand cases, including many that centered on how to divide retirement benefits. You can be assured that our attorneys have the knowledge and experience to protect your retirement benefits.
Contact Our Retirement Account Attorneys
For a free, no-obligation consultation about divorce and its effect on retirement accounts, options and pensions, cal our Springfield attorneys at (800) 941-DIVORCE.
You could also contact us online for an appointment at any of our local offices.
