Diligently Protecting Your Retirement Options
Whether you are many years away from retirement or it’s right around the corner, your divorce may have a significant impact on it. Why? Because under Washington law, marital property can include not only physical assets such as houses, but also intangible assets such as 401(k)s and IRAs. Without knowledgeable legal help and strong advocacy, you could lose far too much.
Don’t give up your retirement dreams. Instead, turn to Canfield Madow Law Group, PLLC. Our Everett-based law firm has the relentless drive needed to pursue the best outcome possible. Let our lawyers be the champions you seek. We understand defined benefit plans, defined contribution plans, military pensions and other types of retirement plans.
“We will put 100 percent of our effort into your case because we believe you deserve that level of care and attention.” — Attorney Damon H. Canfield
Is The Account Considered Marital Property Or Not?
If your or your spouse’s retirement account increased in value during your marriage, that increase is generally considered to be marital property. This means it must be divided fairly and equitably during divorce, using what is called a qualified domestic relations order (QDRO).
Our lawyers are skilled at drafting QDROs that clearly explain how and when retirement funds should be split between the parties. You won’t need to worry about the complex legal details.
How Much Is It Really Worth?
Your 401(k) statement may say that there is $200,000 in the account, for instance, but it’s important to take taxes into consideration. If that money has not yet been taxed, the actual value is much less than $200,000. This is an important distinction to make.
It’s also wise to consider how much the account is worth to you. Would it be a smarter financial move to let your spouse keep a greater share of the physical assets in exchange for you keeping the whole retirement account? What is right for your particular situation will depend on many factors. That’s why we strongly encourage you to work with a lawyer who can guide you through this decision-making process.