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What Happens to Retirement Accounts in a Divorce?

A piggy bank and piles of coins resting on a deck while an older man and woman walk away

Determining Future Assets

When you are getting divorced in Rhode Island, one of the many things that you need to divide is your retirement account. This can be challenging to do, as there are often a lot of emotions involved and it can be difficult to determine who gets what. In this blog post, we will discuss some of the things you need to know about dividing retirement accounts in a Rhode Island divorce. We will also talk about how to work with an accountant or Qualified Domestic Relations Order (QDRO) attorney to make sure everything goes smoothly.

Marital Property and Retirement Accounts

In Rhode Island, all property and assets acquired during the marriage are considered marital property. This includes retirement accounts and pensions, even if only one spouse is contributing to the account. When a couple files for divorce, the court will divide all marital property equitably between the two spouses.

Working with Outside Experts

However, dividing retirement accounts can be complicated. You will likely need to work with an accountant or financial planner to determine the current value of the account and how it should be divided. If you have a retirement account through your job, you may also need to discuss what is happening with your company's human resources representative to find out what options are available to you.

You should also consider researching and talking with a QDRO attorney to make sure that the division of retirement assets is done correctly. Failing to be diligent with these complex assets could cause you to lose out on benefits or to pay taxes on the account.

Ask Questions of Your Attorney

If you're preparing to end your marriage, make sure you understand your rights and options when it comes to dividing up your retirement accounts. With careful planning, you can ensure that both you and your spouse get what you are entitled to.

If you need help with any aspect of divorce in Rhode Island, turn to the team at Assalone Lombardi, LLC. When it takes a village to solve your problem, we are your village.

Learn more about how we can help or schedule a consultation by calling (401) 589-5599 or by visiting our website.