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Tag: canceling separation paperwork

signing paperwork for a divorce

Changing Your Mind During Divorce: Can It Be Reversed?

If you’ve filed a petition for divorce or dissolution of marriage and are having a change of heart, it’s not too late to stop it. Typically, the person who filed the petition can go to the county clerk’s office to obtain the paperwork needed to...

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Can We Divide Retirement Accounts During Divorce?

While it is commonplace to split retirement accounts during divorce, it’s not as easy as dividing a bank or brokerage account. If you and your spouse are unable to come to an agreement on dividing assets, then the judge will likely do it for you, which may include a division of the retirement account(s) accumulated by one or both of you. The judge can easily order that the accounts be divided in some fashion, but the process of actually dividing them can be difficult. It often requires a family law attorney who’s knowledgeable or specializes in the process. Most retirement accounts are divided by a court order that is entered after the actual divorce is final. The orders are commonly referred to as Qualified Domestic Relations Orders or QDROs. All retirement plans and pensions have different rules and that is why an expert in the area should at least be consulted, but most of the time simply hired by your divorce lawyer to prepare the Order. It’s also important to note that just because the judge ordered the division doesn’t mean you can do whatever you want with the money. The judge will order a division, but not a withdrawal of the funds. You will need to talk to your lawyer specifically about what you can do with the funds and when. Otherwise, you may incur fees like an early 401(k) withdrawal tax or penalty.

Hobson / Oram Law

Hobson Oram Law