Monmouth County Division of Retirement Accounts Lawyers
New Jersey laws regarding the division of retirement accounts, pensions, and 401(k) plans are complicated. New Jersey operates under an equal distribution statute, meaning that each party is entitled to a portion of the marital assets — no matter which spouse’s name is on the title. Like all other cases of property division, your spouse is entitled to a portion of any money gained during the marriage. Additionally, if they were added to a preexisting plan, they will also receive a portion of these assets.
The way these assets will be divided depends on what kind of plan or pension you have. To understand the specifics of these laws and to protect your share of these assets, it’s important to contact a Monmouth County division of retirement accounts lawyer. Our team at Law Office of Andrew A. Bestafka, Esq. has years of experience working divorce cases and knows how to tackle these difficult, often complicated situations. To learn more about how we can help you with the division of your retirement accounts, 401(k) plans, and more, contact us today at (732) 898-2378 or through email.
Do I Need a Lawyer?
Going through a divorce can be very stressful. You might be worried that you will not receive a fair portion of your assets or feel anxious about what the process of dividing your retirement savings might be. Seeking legal counsel can help quell these worries. A lawyer can explain what you should expect in your case, as well as how they will protect you and your interests in your divorce proceedings.
When handling the division of defined contribution plans such as a 401(k), seeking legal counsel can be immensely helpful. Many retirement accounts have a steep financial penalty if you try to withdraw funds early. Withdrawing money from your account during a divorce settlement is no exception. In some cases, your retirement plan administrator will not allow you to take the money out at all without a court order. To avoid these expensive consequences, a lawyer can help you file a Qualified Domestic Relations Order, which allows you to withdraw money without paying taxes or high fees. A lawyer is essential in this process to ensure that your order is drafted and submitted correctly.
Approaching defined benefit plans like pensions can also be challenging. They are typically divided by the deferred distribution method, which involves a complicated mixture of formulas. Because you rely on the money you get from a pension during retirement, you do not want to run the risk of losing any of it because of the actions you took during a divorce. You’ll want to make sure that you protect yourself and your assets. Seeking a lawyer can help you navigate through the process of dividing these assets during a divorce, making sure that you get the assets you need and are entitled to.
Why Choose Law Office of Andrew A. Bestafka, Esq.?
Selecting legal representation for your case can be a significant and difficult decision. A good lawyer can make a considerable difference in the portion of assets you are awarded in your case. You deserve the absolute best, and here at Law Office of Andrew A. Bestafka, Esq., our property division lawyers strive to get our clients an equitable portion of their assets. Here are a few reasons why you should choose us to represent you:
- Experience — Founder Andrew Bestafka has been working in divorce law for more than ten years. Over that decade, he has gained crucial experience representing clients just like you. He knows the laws of New Jersey inside and out, and he will use this knowledge to get you the best results possible. He, along with the rest of our team, knows what to expect out of a divorce case. Our attorneys know how to best prepare you and protect you in any circumstances you may be facing.
- Client Satisfaction — Our firm was named as one of the Top 10 Best Firms in Client Satisfaction in 2015 by the American Institute of Family Law Attorneys. At Law Office of Andrew A. Bestafka, Esq., we always put our clients’ interests first. We will ensure that you are comfortable and confident at every point in your case, working tirelessly to make sure that you receive an equitable portion of your marital assets.
- Award-winning attorney — Attorney Bestafka has also been given a Superb 10.0 rating for Top Divorce Attorney on Avvo. He and the rest of our team have the knowledge, experience, and dedication to get positive results for you, drawing upon their skills to negotiate aggressively and effectively in your case.
As our awards and experience show, we at Law Office of Andrew A. Bestafka, Esq. get results for our clients. Let us do the same for you.
Cases We Handle
Because every couple’s circumstances are different, so is every divorce case. There are variations in the types of retirement plans and pensions that people have paid into, as well as different expectations between spouses about the division of these assets. No matter the circumstances, our skilled attorneys at Law Office of Andrew A. Bestafka, Esq. can handle your case. Some of the cases we typically encounter include:
- 401(k) Plans — As previously mentioned, dividing a 401(k) requires the submission of a Qualified Domestic Relations Order to avoid penalties or loss of assets.
- IRAs — Dividing an IRA is fairly easy, consisting of transferring funds from one IRA to another. However, complications can arise from confusion, so it’s important to have the terms of the division clearly laid out with the help of an attorney.
- Retirement Plans — The division of retirement plan assets largely depends on the type of plan you have in place. A lawyer can help you acquire and decipher the necessary information to determine what this division will look like in your case.
- Pensions — Pensions are divided by the deferred distribution method, which relates the amount of money in question relative to the length of the marriage and the amount of time a spouse has participated in the pension.
All of these kinds of cases can get complicated. The laws surrounding the division of property are confusing. Seeking legal counsel, however, can help eliminate some of the uncertainty and help you better understand the specifics of your situation. Working with a lawyer can also prevent some of the complications that might arise. Contact Law Office of Andrew A. Bestafka, Esq. today to find out how we might be able to help you with your case.
Contact Us Today
If you are going through a divorce, you should seek help in dividing your retirement assets. A property division lawyer can help you navigate the legal requirements and negotiations of your case. You need someone on your side that you can trust to get the best possible results. Our experienced team is dedicated to doing just that. Call us today at (732) 898-2378 or contact us online to set up a confidential consultation.