Ohio Divorce Retirement Accounts

Ohio Divorce Retirement Accounts

Ohio Divorce Retirement Accounts

Ohio divorce retirement accounts, deferred compensation, and pensions are considered marital property for the period of the marriage. They are not separate property of one spouse unless they were from before the marriage.  Retirement that was from before the marriage is not marital property and is not divided.

Look At The Total Fairness

Sometimes the value of the Ohio divorce retirement accounts of each party are roughly equal, and each party will keep their own retirement account.

Other times the retirement account of one party is equal to the value of some other property that the other party is getting.  An example would be where one party keeps their 401(k) and the other party is keeping the house.

Keep in mind the total value of all property and debts and if a fair division is being made.

How Ohio Divorce Retirement Accounts Are Divided

If an Ohio divorce retirement account must be divided, a separate court order is prepared. In the case of a 401(k), this is known as a Qualified Domestic Relations Order.

In the case of a public pension or a public retirement account, it is known as a Division of Property Order.

If the retirement is through the Federal Government or the military, Federal rules and Federal law are followed.  A lawyer can help in preparing the proper court order that is required by the Federal Government.

If it is a 401(k) or similar retirement plans, one-half of the value of the plan which was accrued during the marriage will be transferred to a separate retirement account for the other spouse.

In the case of a pension, an Order is prepared where the other spouse will get half of the pension which was acquired during the marriage. For example, if there has been a 10 year marriage and the working party eventually retires with 20 years of service, the other spouse would get one-fourth of the value of the pension when it is paid out.

The amount of the retirement account to be transferred can vary according to circumstances.  It may take into account how other property and debts are being divided.