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Retirement assets can be split in divorce

When you get a divorce, all of your marital assets will be reviewed for division. You probably already expect to have to split assets like your current bank accounts, material possessions like furniture or artwork, or homes you share, but thinking into the future is important, too. You may have to split retirement income, which can make your future very different than you expected.

What kinds of retirement and savings plans can be divided as assets in a divorce? Some include Individual Retirement Accounts (IRAs), SImplified Employee Pension plans, (SEPs), profit-sharing plans, 403(b) annuity plans for teachers and 401(k) savings plans. Each of these plans was created with your future in mind, so preserving it during your divorce may be very important to you.

When a retirement plan is divided in the court, a court-required qualified domestic relations order is created. This, known as a QDRO, is a plan that shows how the benefits will be paid to a person's ex. When a QDRO is made correctly, it will divide your marital benefits fairly, but these can be difficult to make correctly.

People who are unqualified to handle these documents can make mistakes that change the entire outlook of your future finances.

Our website has more information on retirement plans and how to get the most out of your divorce, so you don't have to give up too much of your financial security. This is money you've worked hard to earn, so you shouldn't be left without an even and fair share of the assets you've collected over the years.

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