Dividing 401K

Dividing 401K

Your Retirement

When you work all your life for your retirement, you don’t want to lose half of it in a divorce. You also probably don’t want to have the rest of your benefits swallowed up by attorney fees. At Cravens & Noll, we work hard to protect our clients’ interests in their divorce cases while keeping our costs as reasonable as possible. Our diverse team of divorce lawyers has a wealth of experience handling issues like dividing 401K and other retirement accounts.

Virginia law treats 401(k) plans a lot like any other type of property:

  • Marital property: The money that has gone into the retirement account during the time of the marriage is considered marital property.
  • Exempt property: The money that has gone into the account before the marriage and after the separation is considered separate property.

In Virginia, the circuit court, by statute, can award up to 50 percent of a retirement plan that is determined to be a marital asset. A Qualified Domestic Relations Order (QDRO) directs the pension administrator as to how the benefits are to be divided between the spouses based on the court’s determination. The receiving spouse can then roll over his or her share into a qualified IRA, thus avoiding taxes and penalties.

The difficulty comes when determining how much of the interest and other benefits earned are to be divided. We work regularly with a team of experts, including forensic accountants, with a wealth of experience dealing with complex division of marital property issues.

Dividing 401K FAQs

Your Divorce Lawyers In Virginia

Giving You Peace of Mind —

Our attorneys have over 30 years of experience representing clients who are facing extraordinary challenges.

Every case is unique, and that’s why you need professional legal counsel to help you decide your next steps. Contact one of our attorneys today to learn more.

scale

Potential Reasons your Virginia Prenuptial Agreement Could be Deemed Invalid

Virginia is an equitable property state, which means that during a divorce, your marital assets will be divided in an equitable manner. Equitable does not mean equal. If you have a prenuptial agreement and it is deemed invalid, the court will divide assets according to Virgini …

Read More
Quote

Melissa C.

Throughout a lengthy and complicated separation and divorce, Joe consistently provided me with honest, wise counsel regarding the process itself as well as what my options were. His background in the military as well as his extensive experience with family law proved essential …

Family Law | Richmond, VA

Ease The Burden Today. Schedule a Consultation.

Over 25,000 Virginians have trusted Cravens & Noll to care for their legal needs across 4 decades in business. We work hard to be your lawyers for life. That means giving your individual case the one-on-one attention and care it deserves throughout Richmond, Harrisonburg, and all over Virginia. It is our goal to serve our clients with the utmost integrity, respect, and dignity regardless of your circumstances.

When you complete this contact form, you’ll be contacted by one of our local and trusted representatives to get more details regarding your inquiry. Our entire firm is committed to representing your rights to ensure the most favorable results possible.

As with many legal issues, minutes matter. The evidence fades, witnesses disappear, and the stories change. If you’re facing an urgent legal matter, Cravens & Noll can provide hope to your situation.

We understand your busy schedule and offer evening and Saturday initial consultations. Call or click here to complete an appointment form and find a time that is convenient.

Get Started