How Pensions and 401K Plans Get Divided in an Ohio Divorce

The pension and / or 401K is generally one of the largest assets subject to marital division in a divorce action. The Court generally orders a pension divided pursuant to a Qualified Domestic Relations Order (QDRO). A pension through a public entity such as teachers, firemen and policemen are subject to a Division of Property Order (DOPO). The concept for each is generally the same. Once a Court orders the division of a pension and/or a 401K, the Court authorizes the preparation of a QDRO / DOPO. A QDRO / DOPO designates the party who acquired the pension during the marriage as the participant. The person who is awarded a percentage of the pension and/or 401K is designated alternate payee. The QDRO then divides the pension and / or 401K pursuant to the percentage that is authorized by the COurt at the time of the Divorce Decree. Each pension and 401K is administered by an individual plan administrator. Each plan administrator has their own rules and regulations on how to disburse a pension and/or 401K pursuant a QDRO or a DOPO. Some plan administrators allow the alternate payee to receive a lump sum payment after the deduction of any appropriate taxes. However, some plan administrators do not allow distribution to the alternate payee until the participant is eligible for retirement.

To learn more about dividing pension plans, 401K or other retirement plans in a divorce, please call us at 1-800-297-9191 for a free consultation or visit our website at http://www.dissolutionanddivorce.com

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About slaterzurz

Slater & Zurz LLP is an Ohio law firm of highly experienced and respected attorneys. Over the last 40 years, we have developed a reputation for getting positive results for clients. We've been trusted with handling over 20,000 personal injury cases and our clients have received more than $120,000,000.

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