Strategic Guidance To Address Retirement Benefits

Retirement benefits, retirement accounts or pension plans are often among the most significant assets for many households, yet many law firms view this aspect of the divorce process as a "throw away," regularly glossing over this extremely complex and often valuable issue that requires supreme attention. When a marriage breaks down, disputes over retirement assets can become highly contentious. Retirement accounts are subject to property division in a divorce in New York. However, not all retirement plans are the same. You need to work with a family law attorney who knows the distinctions between the various plans and the proper methods to properly divide the assets in a property settlement. Moreover, your lawyer must have the financial acumen to properly assess valuation and tax implications to fully protect your rights.

Not All Retirement Accounts Are Handled The Same

At Quatela Chimeri, PLLC in Hauppauge, our accomplished lawyers provide focused legal analysis and guidance to ensure that assets are properly addressed. Many retirement accounts are governed by the Employee Retirement Income Security Act. We have substantial experience working with plan administrators and ensuring that a Qualified Domestic Relations Order (QDRO) is properly prepared to divide assets in a qualified plan. However, many companies provide high-level executives and high-income employees supplemental , excess benefit and other forms of nonqualified plans that may not be divisible using a QDRO.

We provide focused strategies to protect your financial security no matter what type of benefits may be involved in your divorce — including but not limited to:

  • 401(k)s
  • IRAs
  • Defined benefit plans
  • Defined contribution plans
  • Cash balance plans
  • Pre-tax and post-tax plans
  • Nonqualified retirement plans
  • Section 457(f) Plans
  • Police, civil service and government worker pension plans

Determining the proper value of retirement benefits is a complex process that requires evaluation of whether any of the retirement assets can be deemed premarital property, as well as assessing the current and future value of retirement assets. We have the resources and access to financial experts to provide evidence to support a strong case to protect your financial interests.

Looking At Short- And Long-Term Consequences Of Property Division

Additionally, in a fluctuating economy, it is important for you to understand the full extent of a property settlement. We will explain the benefits and risks of each potential legal solution, including the potential future consequences of a flat-dollar settlement agreement today in tomorrow's economy. You will be able to make informed decisions based upon reason during an emotional time.

For sophisticated help dividing retirement assets during the divorce process, contact us online or call 631-482-7211 and arrange your confidential consultation. We serve clients throughout Long Island.