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Retirement Accounts in Denver, Colorado & Beyond
There are many things to consider when pursuing a divorce; whether you’re in Denver, Colorado or Western Alaska. Division of assets is one of the most contested conflicts encountered. When going through a divorce, the two parties have to take part in the equitable division of marital assets, which means that all retirement, pension, savings and trust accounts will all need to be divided among the two formerly married parties. Depending on each type of account, assessing their value and the amounts of money and allocating funds to each party requires comprehensive, careful and detailed legal defense. This is where Johnson Marquez steps in.
Retirement plans dominate the legal circuit as the largest and most common sources of dispute during divorce proceedings.
Generally, this includes retirement plans, life insurance, investments, assets, pension plans and more. Associated within retirement account division is taxing, differences in valuation and the actual amounts for which each party is eligible; these factors can all completely change if a party intends to convert an account or investment into cash for the purpose of litigation or conflict resolution. In all of these cases, it’s important to seek effective legal advocacy to ensure the safety of your retirement accounts.
Some retirement accounts find themselves divided using a Qualified Domestic Relations Order, or QDRO.
This is done in order to avoid the 10% tax penalty associated with withdrawing from a retirement account before the age of 59 ½. Likewise, premature retirement transactions done without a QDRO are subject to being considered as taxable income. Johnson Marquez has a strong team of legal experts with detailed knowledge on the proper use of QDROs. This includes knowing that a QDRO does not shield all of your retirement plans from tax liability. Additionally, we understand that problems can arise with divorces regarding Public Employee Retirement Plans and IRAs, which have unique and specific sets of rules regarding asset division and taxing liability.
Let Johnson Marquez handle the complications regarding retirement account division, so you can find some semblance of relaxation during divorce litigation.
We understand that an improper QDRO has serious penalties attached for everyone involved including taxing and fines; this is especially true in the case of improper valuation. In other cases, some retirement accounts do not allow an even 50/50 split, which can result in devastating losses to some parties; having proper legal representation on your side at least increases the chances of receiving even compensation.
Retirement accounts take a lifetime to create and an instant to lose if mistreated.
Our family law attorneys in Denver and the surrounding regions are well-versed in all subjects involving divorce and the impact it holds on families. We keep our client’s best interests in mind while still acting within the scope of the law to protect their financial security. QDROs must be signed by a state judge and are often only lightly scrutinized. For this reason, having a competent and knowledgeable lawyer formulate the QDRO is a complete necessity.
If you need help protecting a retirement account due to the stresses and scrutiny involved with the process of splitting a marriage please don’t hesitate to call us today at our Denver, Colorado office for a free consultation at 720.863.6331.
We at Johnson Marquez our team of legal experts have extensive experience with all the complex issues in a family law case, including the division of retirement assets. We can help.
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Fees and Costs