New Jersey is an “equitable distribution” state, which means that all assets and liabilities acquired during your marriage will be divided fairly by the New Jersey family law court. Fair division does not always equate to equal, 50-50 division of assets, and this is why you should have an experienced lawyer advocating for your fair share of retirement benefits.
Calculating retirement benefit divisions and countering the objections of the opposing party successfully require full knowledge of state law, case law and retirement vehicles such as:
- 401(k) plans
- 403(b) plans
- Pension plans
- Roth IRA plans
- IRA plans
- Profit-sharing plans
- Defined benefit plans
- Money purchase plans
- Employee stock ownership plans (ESOPs)
- Governmental plans
Getting The Best Advice And Legal Representation
Accountants and financial advisers know retirement plans well, but they do not know divorce law, how equitable distribution affects retirement accounts and how to fully protect your interests during the division of retirement benefits in divorce.
A number of factors will impact your case, including:
- Tax implications of distribution
- Prenuptial or postnuptial agreements
- Economic circumstances of each party, including income and property brought to the marriage
- Contributions to the marriage and to the marital property by each party
- Your child custody and alimony agreements
Sussex County Divorce Attorneys
At Morris, Downing & Sherred, LLP, we work diligently to minimize the burdens you face in this process. To get the benefits you deserve, significant and accurate statements, applications and other communications must be exchanged and reviewed by you, the judge and the plan administrator.
Our attorneys can cost-effectively guide you through the process. We handle all aspects of your case and keep you thoroughly informed. When necessary, we work with forensic accountants, tax experts and others to prepare your case for success and aggressively pursue your best possible outcome.
Qualified Domestic Relations Orders (QDROs) And Retirement Plan Division
Completion of a QDRO is required to enforce distribution of the retirement plan. It is the legal order that will give the spouse who is not the plan participant the right to collect payments from the plan. Without a QDRO, the nonparticipant spouse will not see a dime, and the QDRO must be completed properly. Incorrect information can mean huge tax implications.
Call us whether you are getting a divorce or have already finalized divorce. QDROs can be completed post-judgment, and our attorneys help clients efficiently complete the process regularly.
Call Morris, Downing & Sherred, LLP
Contact us by email, or by phone at 800-394-2700 toll free or 973-383-2700 to schedule a meeting.