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What Happens to Retirement Accounts After Divorce?

The court system will first distinguish what property is marital property and what is considered separate property. Oregon is an equitable distribution state, which means the court has the ability to divide all property, whether separate or marital in a fair and equitable way. Retirement accounts aren’t necessarily split equally in half. It is based off what the court deems fair and what portion, if any is separate and what portion is marital, comes into plan in the equitable division. It should also be noted that couples are encouraged to work out a division that works best for them. However, retirement accounts are not all created equally, and if you or you spousal has a pension with a further monthly benefit, it can be even more difficult. It is best to work with an experienced family law attorney to make sure you have a clear understanding on what the retirement benefit is really work, today and in the future. If you’re not able to come to an agreement, then the provisions of your General Judgment will order the retirement plan to divide it as set forth in that documents. Because dividing retirement accounts if a specificalized area of the law, often a separate attorney that specializes in this is hired after the General Judgment is entered to prepare a separate court order devising the account. That document used to be called a Qualified Domestic Relations Order (“QDRO”) in Oregon and still is called that in other states. In Oregon this order is a called a Supplemental Judgment. Separated couples may also be eligible to obtain Social Security divorce benefits.

Hobson / Oram Law

Hobson Oram Law