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Protecting Your Retirement Accounts During Divorce in New York

In New York, retirement accounts accumulated during marriage are considered marital property subject to equitable distribution. For residents of Westchester County and surrounding areas, getting the division right the first time is crucial. This is because mistakes can be complicated and expensive to correct later.

I am attorney David Grauer. As a White Plains divorce lawyer with over 45 years of experience, I have helped countless high-achieving professionals protect their hard-earned retirement benefits during divorce. David I. Grauer, Attorney at Law’s track record includes successfully handling complex asset division cases and setting legal precedents through appeals that have shaped New York matrimonial law.

Understanding Retirement Account Division In Divorce

Retirement accounts are treated as marital property if contributions were made during the marriage and are subject to equitable distribution. To do this, the value of each account must first be established in the following procedure:

  • Valuing the accounts: Determining the exact value of each account requires reviewing account statements, employer contributions and any growth over time.
  • Splitting the accounts: For 401(k)s or similar accounts, a Qualified Domestic Relations Order (QDRO) is often necessary. This legal document allows the plan administrator to divide the funds without penalties or taxes.
  • Pension plans: Pensions are typically divided using a formula that considers the years of service during the marriage. Some cases may require expert valuation to determine their worth.
  • Tax implications: Dividing retirement accounts comes with potential tax consequences, and you are better off understanding these implications to help ensure a fair outcome.

While these steps seem straightforward, errors or assumptions can significantly impact your financial future. Every detail matters, and working with an attorney who knows how to handle the retirement account division is paramount.

Why Legal Guidance Matters

Handling retirement accounts during a divorce is not just about splitting assets but about securing your financial future. Without proper legal support, you risk:

  • Missing important deadlines for filing QDROs.
  • Incurring avoidable penalties and taxes.
  • Overlooking the long-term impact of account division.

These are challenges you should not face alone. I work diligently to simplify the process and help ensure nothing is left to chance.

Take Control Of Your Financial Future Today

Contact David I. Grauer, Attorney at Law, via 914-269-2419 or online to schedule a consultation to learn more about divorce and retirement accounts. I serve clients throughout Westchester County, Rockland County and the surrounding New York metropolitan area.