Kroener Hale Law Firm

We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

During these hard and uncertain times, the staff at Kroener Hale Law Firm are still here to serve you. Please contact us at any time to schedule a free 30 minute telephone/skype consultation to discuss your legal needs. We will continue to diligently protect the rights and interests of our clients through these tough times.

Providing The Advice & Guidance You & Your
Family Need To Make Informed Decisions

Providing The Advice & Guidance You & Your Family Need To Make Informed Decisions

Home » Divorce » Dividing Retirement Benefits

Practical Solutions For The Division Of Retirement Benefits

The money inside of a 401(k) or a pension often contains the majority of a couple’s financial assets. Determining the best option for dividing retirement benefits between both spouses is one of the most important questions that must be answered during divorce.

The lawyers at Kroener Hale Law Firm understand how a divorce can undermine the hard work you have done to save for retirement. Our team will work diligently to protect your best interests and help you move beyond a divorce.

Qualified Domestic Relations Orders Guide Retirement Benefit Division

The amount of money earned in an employer-sponsored retirement account during a marriage is typically marital property. Courts in Ohio divide these assets during divorce proceedings by using a qualified domestic relations order (QDRO).

The QDRO outlines how both parties will divide the assets inside of the plan. Our attorneys work alongside financial professionals to determine the percentage of benefits our clients are entitled to receive. We work to secure a QDRO that will leave you in a strong financial position after the divorce is resolved.

Don’t Ignore Taxes And Fees

When spouses divide assets in a 401(k) during divorce proceedings, there is the risk of incurring taxes and early distribution penalties. These taxes and fines paid on a 401(k) distribution ultimately reduce the value of the asset, leading to a distribution of assets that is not fair.

One option that can limit the negative financial consequences of divorce involves swapping assets. A spouse may receive interest in a house while the other spouse is able to keep retirement benefits. We take a thoughtful approach to resolving the division of retirement assets that will help mitigate the negative financial consequences of a divorce.

Learn How Our Team Can Help

Dividing complex assets, including those savings in a retirement plan, is not always obvious. Call our skilled attorneys in Batavia at 513-716-5940 if you are thinking about filing for divorce. You may also send our team a question on our website.