How do I divide retirement assets in a divorce?

In South Carolina, the division of retirement assets is handled by the court depending on the particular circumstances of the case. Generally, retirement assets are considered to be Marital Property, meaning both spouses have an equal right to them, and thus the court will divide them in a manner deemed fair and equitable. A qualified Domestic Relations Order (QDRO) is a legal document that allows for the division of retirement assets between the spouses due to a divorce. The document outlines how the retirement assets are to be transferred from one spouse to another. The QDRO must be drafted by a lawyer and approved by the court. The court will decide what is fair based on a variety of factors. This could include a variety of things, such as the length of the marriage, the contributions of the spouse to the retirement plan, or the difference in earning potential of the spouses. The court may also look at other relevant matters, such as the need for spousal support or the couple’s prenuptial agreement. Typically, the retirement assets are divided into two separate accounts, with each spouse receiving their own account with their share of the assets. The assets would then be distributed according to the document, with any income or gains being allocated to the accounts in proportion to the contributions of each spouse. In summary, the division of retirement assets in a divorce is handled on a case-by-case basis by the court in South Carolina. A lawyer can help draft a QDRO, which when approved by the court, will dictate how the assets are distributed. The court will take into consideration a variety of factors in determining a fair and equitable division of the assets.

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