Galveston County Investment & Retirement Account Lawyer
When initiating divorce proceedings, many couples have questions and concerns about property division, including who will be awarded the contents of retirement or investment accounts. This can be difficult to resolve because these types of accounts are often treated as being both community property and separate property. Generally, federal law allows courts to award a portion of one spouse’s retirement or investment account to the other spouse under a qualified domestic relations order (QDRO).
At Lindamood & Robinson, P.C. we have helped clients protect their interests in a number of different accounts, including:
- Retirement accounts, such as 401(k) funds;
- Investment accounts, including stocks and bonds;
- Annuities, pensions, corporate dividends, and other forms of income.
If you have questions or concerns about how to best protect your separate assets and still obtain a fair share of marital property, please contact us to obtain the advice of an experienced Galveston County investment & retirement accounts lawyer.
Dividing Retirement Account Assets
According to both state and federal law, any income earned through employment during a couple’s marriage is considered joint marital property. Because retirement savings accounts are part of that income, the account owner’s spouse is entitled to a portion of the assets accrued during the marriage if the couple chooses to divorce.
In order for one spouse to receive funds from the other spouse’s retirement account, a judge must draft a QDRO, which is then sent to the retirement plan’s administrator. Once the administrator and the court have signed off on the order, the account’s administrator must provide the former spouse with an ownership stake in the account. QDROs, however, are only required for plans that are subject to ERISA, which means that it is important to comply with ERISA guidelines when filing.
In many marriages, retirement accounts constitute a significant portion of a couple’s marital assets. This makes it especially important to speak with a qualified lawyer who can help you protect your interests in those assets. At Lindamood & Robinson, P.C. our lawyers can help you obtain an accurate picture of the value of your assets, so that you are best able to protect your financial interests.
How our Galveston County Investment and Retirement Account Lawyers Can Help
If you are considering a divorce, it is important to assess the value of the assets contained in your spouse’s retirement or investment accounts. The lawyers at the law firm of Lindamood & Robinson, P.C. can help ensure that these investigations are conducted thoroughly by consulting with financial experts. Our lawyers are also well-versed in both state and federal law regarding property division and so can help explain how those regulations may affect your own case. If you live in Galveston County and have questions or concerns about how your assets will be divided between you and your former spouse, please contact us today by calling 713-654-2112 and we’ll have a member of our dedicated legal team help you schedule a confidential consultation with an experienced investment and retirement accounts lawyers.