Division of Non-Qualified Retirement Plans
Knowledgeable Atlanta Divorce Lawyer
High-net worth divorces can be extremely complex and often confusing, which
is why it is important for you to retain the right legal counsel to help
you understand your rights and guide you the divorce process. Regardless
of the situation, when a non-qualified retirement plan is involved in
a divorce settlement, matters can become very complicated.
Why? Non-qualified benefits are often given to high-ranking employees and
are subject to different regulations that typical 401K plans or IRAs.
. This also means that Non-qualified benefits can be extremely difficult
to divide or distribute to any individual other than the employee named.
You will need to speak with a qualified lawyer who can assess your plan
and help you determine what the best step will be within a divorce. This
should be done prior to any settlement being agreed upon.
Options for Individuals with Non-Qualified Plans
The first and most important step is to discuss your case with an attorney
and have them review your plan so that they can help you understand your options.
The following may be set up if your Non-qualified plan cannot be split
prior to retirement:
- Set up higher alimony payments in exchange for keeping your plan untouched
- Agree to pay your spouse a percentage of the monthly payout once you are
eligible to receive benefits from the plan.
- Exchanging other assets for the present value of your spouse's share
of the plan
Why You Need a Legal Advocate on Your Side
For all the reasons mentioned above, it is crucial that you have a divorce
attorney on your side who understands the type of plan in question and
can utilize this knowledge to help you negotiate the best solution.. Whether
you are the spouse seeking to obtain a portion of your spouse's non-qualified
plan or you are an employee seeking to protect your plan , the attorneys
at the Atlanta law firm of Peterson & Harris arehere to help.
Our legal team has been representing clients for over 30 years and have
been consistently recognized as some of the best family law attorneys
in the state of Georgia.
Contact our firm today if you would like to set up a consultation.