Atlanta Retirement & Pension Division Attorney
When you’re going through a divorce in Atlanta, one financial aspect that requires careful consideration is the division of retirement and pension accounts. Both of these can be complicated matters. Our experienced Atlanta retirement & pension division attorney at Kaye, Lembeck, Hitt & French can assist you in understanding these complexities from a family law standpoint to ensure your financial security.
Understanding Retirement and Pension Division
Retirement and pension division refers to dividing retirement accounts and pension benefits between spouses during a divorce. In Atlanta, like the rest of Georgia, these assets are typically considered marital property if acquired or contributed to during the marriage. This makes them subject to division under the state’s equitable distribution laws.
The division of retirement accounts and pensions usually happens in one of two ways:
- Immediate offset: In this method, the spouse with the pension agrees to give up an equivalent value of another asset.
- Deferred division: In deferred division, the pension is divided when it matures or when the spouse starts receiving benefits.
To qualify for a pension under the Georgia Employees’ Retirement System, you generally need to have at least 10 years of creditable service. However, specific requirements can vary between different state agencies, so it’s important to consult with a legal advisor to understand the details pertaining to your situation.
In Atlanta, retirement pension plans can be of various types, such as 401(k), 403(b), or traditional pension plans. Contributions can be made both by the employee and employer. Upon reaching the age of eligibility, you can start withdrawing from these accounts. The way these accounts are divided during a divorce depends on the type of account and the terms of the divorce settlement.
Pension distribution typically occurs either as a lump-sum payment or as monthly installments. The distribution method can significantly affect tax liabilities and the division strategy during divorce. Therefore, consulting an Atlanta retirement & pension division attorney for tailored advice is crucial.
How We Can Help
Retirement and pension plans are complex assets requiring a nuanced understanding of family law and financial planning. An experienced retirement and pension division attorney can provide invaluable guidance and representation to safeguard your financial future.
Questions to ask us:
- How will my pension be valued and divided in a divorce?
- What are the tax implications of dividing retirement accounts?
- Can I protect any of my retirement assets as separate property?
- What are the long-term financial impacts of dividing these assets?
Here is what we can help with:
- Asset valuation: Determining the accurate value of complex retirement and pension plans.
- Negotiation: Skillfully negotiating the division terms with your spouse’s attorney.
- Tax planning: Providing advice on the tax implications of your decisions.
- Legal filings: Ensuring all Qualified Domestic Relations Orders (QDROs) and other legal documents are filed correctly.
Contact Kaye, Lembeck, Hitt & French – Atlanta Attorneys Specializing in Retirement & Pension Division
Retirement and pension divisions in Atlanta can be a complex part of the divorce process. For your financial well-being, consulting with one of our experienced Atlanta retirement & pension division attorneys at Kaye, Lembeck, Hitt & French can be essential. Our expertise will be a cornerstone in protecting your assets and ensuring an equitable division. Contact us today for assistance.