Who Will Get The Retirement Plans?

When prepared to divorce, many couples overlook the fact that retirement benefits must be included in the community property that is to be divided between them. In the state of Texas, any property or value that is accrued during the course of a marriage is considered community property and included in the division of property. This includes retirement accounts and investments for the future.

Guidance During The Division Of Retirement Benefits During Divorce

To accurately divide these accounts, they must first be valued, including all value that has been accrued over the course of the marriage. This requires knowledgeable guidance. At the Law Office of Craig A. Patton, we are experienced in tracing the value of each account. When necessary, we work with skilled forensic accountants to determine exactly how much value has been added over the duration of the marriage.

Such retirement accounts include:

  • 401(k)s, IRAs and Roth IRAs
  • Retirement contribution plans
  • ERISA plans
  • Government pensions and other employer pensions
  • Federal and state employee retirement systems
  • Investment accounts for retirement

The value of the accounts can either be divided by dividing the assets into two accounts or by transferring ownership of the account wholly to one spouse or the other.

Attorney Craig A. Patton will provide you with a clear understanding of how a qualified domestic relations order (QDRO) can be used to transfer ownership of a retirement account or divide its assets during the divorce. A QDRO is only used in pension plans or employee benefits. Other investments will require alternate strategies for division.

For more information about the division of retirement benefits during divorce, please call our El Paso law firm at 915-255-1888 to request an initial consultation with a lawyer.

The material contained on this website is for informational purposes only and should not be construed as the dissemination of legal advice to anyone by the Law Office of Craig A. Patton. You should always seek the advice of an attorney, who can review and ascertain your legal needs and recommend a proper course of action regarding your situation.