Divorce and Retirement Accounts

Walstrom Law can provide legal advice and representation for any issues related to divorce and retirement. Since 2004, our team has been assisting clients with pension and retirement fund division during divorce, spousal support agreements and many other issues. With an office in Newark, we are available to serve clients throughout the state of Delaware, including Dover, Glasgow, Bear and beyond.

Advice for Retirees

Retirement can bring unexpected changes to your finances and your disposable income. If you have obligations to a former spouse, retirement is an excellent opportunity to revisit them and ensure your interests and your financial security are protected as you enter this new phase of life. With representation from Walstrom Law, it may be possible to have a previous spousal support agreement amended upon retirement. Under Delaware law, an alimony agreement can be modified on the basis of a change in the material circumstances of either spouse.

No matter what the financial specifics of your retirement are — whether you have savings, a pension plan or any other source of income — it may be possible to work with a knowledgeable attorney and petition a court for a reduction in your spousal support payments.

Dividing Retirement Accounts

A couple that has lived together for an extended period of time may have shared retirement accounts that will factor into divorce proceedings and alimony payments. In fact, for many, pension division during divorce is one of the most contentious issues. During negotiations, it’s important to not let the emotional nature of the proceedings cause you to make a decision that will haunt you in the future.

Professional representation from an experienced division of retirement accounts attorney may be able to ensure your interests are protected for the long term.

Commonly Divided Retirement Assets

One of the first steps in any divorce proceeding is to identify the couple’s shared assets and come to an agreement on dividing them. In terms of retirement savings, this can include pension plans, life insurance annuities, 401k accounts, IRAs and military pension plans. Even if one party made the majority of the contributions to a retirement account, future dividends may still factor into spousal support negotiations.

What Is a Qualified Domestic Relations Order?

One of the main responsibilities of a retirement account division attorney in Delaware is to draft a Qualified Domestic Relations Orders, or QRDO. A QRDO is a legal document that divides the ownership of any pension plan or other retirement asset. Filing a QRDO allows for the account in question to be divided without incurring any penalties or taxes, regardless of how old it is.

Call Walstrom Law for Your Consultation Today

If you’re in the process of divorcing from your spouse, it can be difficult to think ahead to your retirement. During this time, retaining the services of an experienced retirement account division lawyer can help ensure your long-term interests are protected in any spousal support agreement.

For more information about how Walstrom Law can help, contact our Newark office to schedule your initial consultation.