High-Asset Divorce: The Division Of Nonqualified Retirement Plans
High-asset divorce proceedings can be extremely complex and often confusing. When a nonqualified retirement plan is part of a divorce settlement, things can get complicated quickly. That is why it is important to retain a lawyer who can help you understand your rights and guide you through the divorce process. At The Peterson Firm, we bring more than 35 years of experience to divorce and other family law matters. We can help protect your interests while working toward a fair and equitable division of property.
Difficulties In Dividing Certain Retirement Plans
Common retirement plans, such as 401(k)s or IRAs, are heavily regulated and are relatively easy to divide as part of a divorce settlement. However, nonqualified benefits, which are often given to high-ranking employees, are subject to a different set of regulations. In short, it can be difficult to divide or distribute the proceeds from these plans to anyone other than the employee who is named on the plan. It is essential to determine what your next steps should be with help of legal counsel before you enter into any type of settlement agreement.
What If A Plan Cannot Be Divided?
In some cases, it may not be possible to divide a nonqualified retirement plan. However, in many cases it will still be necessary to account for the value of these plans as part of reaching a fair and equitable property settlement agreement. If a plan cannot be divided or distributed to another party, other options include:
- Establishing higher alimony or spousal support payment plans
- An agreement to pay or receive a certain percentage of a plan’s monthly payout when the plan take effect
- Exchanging other assets to match the equitable value of the plan
It is crucial to seek help from an experienced attorney who understands the type of plan in question and who can help you negotiate the best solution to your divorce proceeding.
Contact Us For Help With All Property Division Issues
Whether you are seeking to obtain a portion of your ex’s nonqualified plan or you are looking to protect your interests, we are here to help. To schedule a consultation, call our law offices in Atlanta at 404-777-0244. You may also contact us online.