Nassau County Splitting Pensions in A Divorce
A Nassau County splitting pensions in a divorce lawyer should be contacted if you believe that pension benefits or retirement plans will need to be divided in your divorce. A splitting pensions in a divorce attorney in Nassau County can assist you with the preparation of a proper valuation of the amounts inside these retirement account as well as how to proceed with a Qualified Domestic Relations Order or a QDRO.
As part of the equitable distribution of property, you should be prepared for assets accumulated inside a pension to be divided during the divorce process.
A splitting pensions in a divorce lawyer in Nassau County is critical for a positive outcome in these situations as you will need to depend on the support of an attorney to help you with splitting up a pension in a divorce. It is not enough to have a divorce decree from the judge that says that you are entitled to have a portion of a former spouse's pension. Although this is crucial to ultimately being able to get those benefits from the pension, the divorce decree in and of itself is not enough to do so. It requires the additional step of having a Qualified Domestic Relations Order drafted.
The Qualified Domestic Relations Order must carry over the terms from the divorce decree and also meet the guidelines and requirements of the pension plan. Every pension plan or retirement that is subject to being divided in a divorce to pay anyone other than the person whose name is on the account will require a Qualified Domestic Relations Order. Far too many family lawyers who don't have extensive experience in this field don't realize that they need outside professionals including financial professional to achieve the goals of splitting up pensions appropriately. Only a lawyer who is thoroughly experienced in Qualified Domestic Relations Orders will be able to address the concerns presented by a client. There are many different unique facets and important pieces of language that need to be included when splitting pensions in a divorce.
This is because the plan administrator of the retirement plan has to accept the terms of the Qualified Domestic Relations Order to put the necessary wheels in motion for the former spouse to receive payment from the person who owns the account. When splitting pensions in a divorce, it's important to consider what may happen to the spouse who is supposed to receive payment if the other party passes away sooner than the benefits begin.
This can typically present a financial conundrum and additional confusion which is why it should always be clearly outlined in the Qualified Domestic Relations Order. Protecting the interests in a pension is extremely important because typically, pensions and retirement are some of the biggest assets to be divided in a divorce. As marital property, they are subject to the equitable division of property rules in Nassau County and elsewhere in New York, but only if all of the appropriate details have been addressed in the Qualified Domestic Relations Order.
An attorney who has been working in the field with Qualified Domestic Relations Orders for many years will be able to assist with this process and ensure that all of the relevant details and facts have been appropriately included, otherwise mistakes could be made that could subject the person who was intent on receiving these benefits, and indeed entitled to receive these benefits, to be blocked from getting this crucial support years down the road. This could cost additional time and money spent in the process of fighting back in court.