Retirement Plan Division
A critical issue that often comes into play with divorce cases in Arizona is retirement plan division. For many couples, the most significant portion of the marital assets is their retirement plans. Under community property division laws in Arizona, the part of the retirement benefits earned during the marriage is subject to division upon divorce. If you are seeking a divorce in Arizona and are seeking legal guidance in this area, it is very wise to schedule a consultation.
When a retirement plan is sponsored by a private company it is divided by a special Order called a Qualified Domestic Relations Order (QDRO). If it is a Federal or State sponsored plan a QDRO is not utilized and other special orders need to be drafted to complete the division. The drafting of the special orders and QDRO orders are very complex and very few family law attorneys actually draft these orders. Fortunately, My Legal Plan does have an attorney who practices divorce with a special emphasis with dividing retirement plans including, drafting QDRO’s on 401(k) plans, 403(b) plans, IRA, annuities, 457 deferred compensation plans, profit sharing plans, ESOP plans, military plans, and federal government plans. My Legal Plan lawyers also draft orders dividing retirement benefits for the Arizona State Retirement System and Arizona Public Safety Personnel Retirement System. The lawyers understand the complexities involved in survivor benefit plans, both vested and non-vested benefits in a defined contribution plan, and how to deal with loans that may have been taken out before or after a divorce. For a consultation, please contact us.