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The Law Office Of Laurie A. Bernstein, P.C.
973-567-3591
Serving Families For Over Four Decades In Sensitive Legal Disputes

Experienced Lawyer for Dividing Retirement Assets In New Jersey

Retirement accounts and plans often represent a significant portion of a couple’s financial assets, especially in long-term marriages. Pursuing a fair distribution of these assets is crucial for those going through a New Jersey divorce. However, dividing them equitably can be complex and emotionally charged, making it vital to seek legal representation.

At The Law Office of Laurie A. Bernstein, P.C., you can rest easier about your retirement plans knowing an experienced lawyer is handling your case. Attorney Bernstein is dedicated to providing experienced representation in Essex County and Roseland. Known for her commitment to personal attention, she can guide you through the challenging process of dividing retirement assets fairly during a divorce.

Types Of Retirement Assets

Several types of retirement assets may need to be divided in your divorce. Understanding these different types can educate you about what may be at stake and how to facilitate an equitable division. Consider these two categories:

  • Defined contribution plans: Examples include 401(k) plans, 403(b) plans, Individual Retirement Accounts (IRAs), employee stock ownership plans (ESOP) and thrift savings plans (TSP)
  • Defined benefit plans: Known as pension plans, they offer vested benefits, accrued benefits, present value and future value

In addition to these well-known retirement plans, there are other less common retirement savings vehicles. Examples include annuities, deferred compensation plans, stock options and employee stock purchase plans.

In a divorce, both spouses often have a right to a share of these valuable assets under state marital asset division laws.

Options For Dividing New Jersey Retirement Assets

Dividing retirement assets per New Jersey equitable distribution laws can be a complicated undertaking, making it crucial to find the right option for your situation. Here are some of the available possibilities:

  • Qualified Domestic Relations Order (QDRO): This is a legal order necessary for dividing certain types of retirement plans.
  • Settlement agreement: When cooperation is possible, couples can negotiate a settlement agreement that outlines the division of retirement assets.
  • Valuation and equalization: Retirement assets can be valued, and other assets can be used to create an equalized (in value) distribution.
  • Rollovers and transfers: Assets in retirement plans can be rolled over or transferred to ensure a fair division without suffering tax penalties.

Working with attorney Bernstein empowers you to learn more about these options and choose the best course of action for your circumstances.

Guidance For Fair Retirement Asset Division In Essex County

The right legal support can help you understand what constitutes a fair division of retirement assets based on your specific circumstances. Attorney Bernstein has the experience and skill to lend a knowledgeable helping hand. Call her in Roseland at 973-567-3591 or contact her online to discuss your situation.