For many people going through their divorce, retirement accounts are a substantial portion of their net worth. In some cases, theses investments exceed the value of real estate and other property. Therefore, many of our clients are very concerned with the division of their retirement assets.
It is absolutely essential that a person going through a divorce obtains competent counsel to facilitate the division of retirement accounts. When dividing retirement assets, the first step is to identify the name of the plan and the value of the plan, Next, the parties need to decide how the account will be divided and as of what date the division will occur. Finally, the parties will need to implement the division of the retirement assets.
There are several different types of retirement assets. Each plan generally requires a unique process in order to implement the division of the retirement account.
Please contact the office of Randal Lowry & Associates at 330-929-0507 to discuss the division of 401(k) accounts, IRAs, pension plans, OPERS, Ohio Police and Fire, STRS, SERS, FERS, Thrift Savings Plan and other plans in a divorce.