Dividing assets during a divorce can be a complex and emotionally difficult process. When significant assets like retirement accounts are part of the discussion, the stakes for your future become even higher. For many couples, these funds are one of their largest shared assets. Ensuring they are divided fairly under Ohio law is crucial for your long-term financial security. We understand that mistakes in this process can have lasting consequences, which is why at the Comunale Law Office, we believe supportive legal guidance to help you through it is essential.

An Overview of Ohio’s Property Division Laws

Ohio follows the principle of equitable distribution. This means that all property acquired during the marriage, also known as marital property, is divided equitably between spouses during a divorce. It is important to understand that “equitable” does not always require an equal 50/50 split. A judge will consider all relevant factors to determine what is fair for your situation.

Marital property often includes:

• Real estate
• Bank accounts
• Vehicles
• Investments
• The portion of retirement accounts, pensions, and 401(k)s earned during the marriage

Property that was acquired before the marriage, or received as a gift or inheritance by one spouse, is usually considered separate property and therefore not subject to division.

Why Is the Division of Retirement Accounts So Important?

Properly dividing retirement accounts is critical for your future. For many, these accounts are a primary source of future financial stability. An unfair division can leave one spouse at a significant disadvantage, impacting their ability to support themselves in retirement.

Additionally, the process of dividing retirement funds is technical and governed by specific laws. Errors can lead to significant tax penalties. A special kind of court order, known as a Qualified Domestic Relations Order (QDRO), is usually required to divide a retirement plan without these penalties. Drafting a QDRO is a complicated legal task requiring precise language and an in-depth understanding of your plan’s rules.

How a Divorce Lawyer Can Support You

Property division in divorce, especially the division of retirement accounts, requires particular legal knowledge. An experienced Dayton divorce lawyer can provide invaluable support by:

• Identifying and Valuing Assets: Lawyers can help ensure all retirement assets are identified, including pensions, 401(k)s, and IRAs. They can work with financial experts to accurately value the marital portion of these accounts.
• Protecting Your Rights: A lawyer will advocate for a division that is truly equitable, ensuring your contributions and future needs are fully considered.
• Drafting and Executing QDROs: A skilled lawyer can correctly draft and file the necessary QDROs, helping protect you from tax penalties and ensuring the division is executed properly.
• Uncovering Hidden Assets: If you are concerned that your spouse is not disclosing all financial assets, legal help can enforce discovery and uncover any hidden accounts.

Contact a Dayton Retirement Accounts in Divorce Lawyer for Assistance

The division of your retirement assets will significantly impact your financial well-being for years to come. Protect your rights and secure your future with the help of an experienced legal professional.

If you have questions about the division of your retirement accounts or other property in divorce, contact the Comunale Law Office. Our dedicated lawyer provides the strong, supportive representation you need to face these matters and pursue a favorable outcome. Call us today to schedule a consultation.