The Myths about Retirement Accounts at Divorce

VIDEO TRANSCRIPT: There are a lot of myths about how to divide retirement accounts at a divorce and one of the biggest myths is that you have to liquidate retirement accounts that divorce. And at Split Simple, we are here to dispel those myths and show you the right way to do it.

When you have a retirement account like an IRA or a Roth IRA, sometimes all that you need are the terms of your divorce decree and the final decree signed by a judge. However, when you have an account like a 401K or 403b, you need a specialized retirement division order, called a Qualified Domestic Relations Order.

Lastly, when you have specialized government plans like the Colorado PERA, the Federal Thrift Savings Plan, or FERS, you need to have other qualified specialized retirement division orders in order to divide those.

At Split Simple, we’re here to guide you through that process so give us a call today. We can talk with you a little bit more about what the specific plans are that are appropriate for dividing you or your spouse’s retirement plan: 720-501-4600 or more information at our website splitsimple.com. If you have any questions about divorce or the mediation process at Split Simple, don’t hesitate to give us a call for Chicago divorce mediation and uncontested divorce services in Denver. And remember, we have a free initial consultation.