Divorce Lawyers Safeguard Your Retirement Account
Receive comprehensive divorce counsel from a well-established North Virginia family law firm
During a divorce, all marital properties and assets are divided, including marital homes, cars, bank accounts, and even pension and retirement accounts. Whether you are going through a contested or uncontested divorce, it’s a good idea to hire a knowledgeable lawyer who can conduct an accurate assessment of your retirement assets and ensure that they are divided fairly. For more than 10 years, we at The Leiser Law Firm have fought tirelessly to assist clients experiencing simple and complex divorces in McLean, VA and throughout Northern Virginia. After carefully reviewing your case, our lawyers recommend a legally sound, cost-effective way for you to resolve disputes about your retirement accounts.
How does divorce affect retirement accounts?
Virginia considers pensions to be part of the marital assets and properties when they are earned while a couple is married. If you and your spouse choose an uncontested divorce, you can determine how you wish to divide your retirement accounts. If, however, your divorce is contested, the court must assist you with the asset division process. You may choose to have the present cash value of your retirement accounts determined and then factored into the overall marital assets to be divided or to pay your spouse’s share of your pensions at the time of your retirement.
Examples of retirement accounts that may be reviewed and divided by the court include:
- 401(k) plans
- 403(b) plans
Division of military assets
In Virginia, if you served in the military, your disposable retired pay is divided between you and your spouse if you get a divorce. However, if your retired pay is classified as disability pay, it cannot be divided by the court. Retired military pay is issued by the Defense Finance and Accounting Services (DFAS). Whether you and your spouse agree on a division of your retired pay or the court orders it, DFAS pays your spouse’s share directly, but only if that spouse satisfies the 10-10-10 requirement — you and your spouse must have been married for at least 10 years, you must have been a member of the military for at least 10 years, and at least 10 years of your military service must have taken place during your marriage. A spouse who does not meet the 10-10-10 requirement must seek a portion of the retired pay from the other spouse in the divorce.
Receive reliable counsel from an experienced team of Virginia divorce lawyers
The Leiser Law Firm delivers top-tier legal counsel to clients throughout Northern Virginia. To learn if you qualify for a free consultation to discuss your case with an experienced family law attorney, call 703-734-5000 or contact us today online. Our office hours are Monday through Thursday from 9 a.m. to 6 p.m. and Friday, from 9 a.m. to 5 p.m. Evening and weekend appointments are available upon request.