People in Virginia and across the country are encouraged to begin planning for their retirement as early as they can. They often spend decades of their lives carefully planning their finances for when they no longer work. As a result, retirement funds are often significant, and their division during the divorce process can have a significant impact on both parties.
Virginia is an equitable distribution state, meaning that assets are divided in a way that is considered fair to both spouses rather than equally. This applies to marital assets; assets that are separate from the marriage — such as an individual inheritance or one that is obtained after the couple separates — are not subject to division. For many couples, their largest assets are their retirement accounts.
Because the decisions made during property division — especially those related to retirement accounts — can have a significant impact on a person’s financial security, the process is an important one. When dividing retirement assets, a QDRO, Qualified Domestic Relations Order, may be necessary. Fortunately, the law firm of Lutins & Pilgreen, PC, has experience helping our clients with the division of such assets, including pension plans, traditional and Roth IRAs, VRS benefits and 401(k)s, among others.
We have more than 20 years of experience with the divorce process and are dedicated to guiding our clients throughout it. Our experience allows us to help those in Virginia carefully examine the value of all of their assets and fight for those to which they may be entitled. We are committed to ensuring that the best interests of our clients are presented as they seek the next chapter in their lives.