Who Gets Retirement Accounts in a Divorce?
Going through a divorce or legal separation can be expensive – emotionally and financially. One of the most contentious and difficult parts of ending a marriage can often be dividing you and your ex-partner’s assets. There is plenty of protocol for splitting your checking and savings account but what about all your retirement savings? It turns out, the type of retirement plan determines the rules that apply. If you are nearing the dissolution of your marriage, it’s a good idea to get educated on the process of dividing retirement accounts in a divorce.
QDRO vs. Transfer Incident Review
Different account types call for different paperwork. A Qualified Domestic Relations Order can ensure your 401(k) funds are distributed correctly. This is a legal document that divides an individual’s retirement account with a spouse, ex-spouse or dependent, solidifying that…Read the entire article on Credit.com