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Dividing Retirement Plans Requires Skilled Divorce Attorney

It’s easy to think of “property” in terms of real estate, cars, furniture, and even bank accounts. But what about retirement plans? If you are going through or potentially will be going through a divorce, it is important to know that during divorce proceedings, all property accumulated during the marriage gets divided by the end of the process, either by agreement of the parties or after a trial.

Dividing retirement plans

Simply put: Dividing retirement plans can get complicated and tricky, and not all attorneys have the experience or desire to prepare a Qualified Domestic Relations Order (QDRO), or other orders to divide retirement accounts. At Fry & Elder, our attorneys are happy to review your final decree and prepare your QDRO. Accomplished child support and family law attorney Amy Page recently completed an advanced family law seminar through the American Academy of Matrimonial Lawyers and has provided some additional information you will want to know about dividing retirement plans.

The process and importance of dividing retirement plans

If your spouse or you worked during your marriage and contributed to a retirement or pension plan, your attorney will need to know some facts about those plans. Some questions to expect would be:

  • When and for how long did you or your spouse work for that employer?
  • Are you or your spouse still employed there?
  • What are the provisions of the plan regarding time periods for vesting?
  • Are there any outstanding loans against the plan?

Retirement plans can be valuable bargaining chips when negotiating a property settlement. There are certain tax advantages and ramifications based on how those assets are divided. Any property settlement that includes retirement benefits should fully explore the tax ramifications for the person paying or receiving retirement benefits as part of the agreement. It’s often advantageous for a party to give up other, more easily transferable assets and keep his or her retirement account intact. This is definitely a discussion to have with an experienced divorce attorney. If your case goes to trial, the tax treatment of divided retirement benefits can support your attorney’s theory of why the benefits should be awarded in a specific way.

Dividing retirement plans

Why the division of retirement benefits should include a QDRO

The final decree for a divorce including division of retirement benefits should include specific provisions about that retirement plan. It should provide for the time period of retirement benefits that accumulated during the marriage, as well as provide for how any gains or losses on the benefits will be handled in the time period between the final decree and the time the account is actually divided by the Plan Administrator. Finally, the decree should provide for the preparation and entry of a Qualified Domestic Relations Order, or QDRO, which is an order that tells the Plan Administrator to divide the account according to the decree. The QDRO provision in the decree should include a plan for who is going to prepare the QDRO and who will pay the expenses involved with the Plan Administrator’s review of the QDRO.

Dividing retirement plans can be especially complicated in cases where the retirement plan is provided by a state agency or the federal government or military. Special documents and language are required that meet the agency’s requirements. For military retirement benefits, a Military Retired Pay Division Order must be completed, filed in the trial court, and forwarded to the appropriate authorities. Similarly, to divide a federal employee retirement account (FERS), a Court Order Acceptable for Processing is required.

Experience the Fry & Elder Difference

For nearly 50 years, Fry & Elder has been a name synonymous with Oklahoma family law. The firm has been named to the U.S. News & World Report’s exclusive Best Law Firms list from 2014-2017 Our team of attorneys are some of the most decorated in the state and include:

Contact Fry & Elder Tulsa or Fry & Elder Oklahoma City today to discuss dividing retirement plans with Amy Page or another accomplished Oklahoma family law attorney.

Collaborative Law Provides Family and Civil Dispute Options

Not every family or civil dispute needs to find its way into the litigation stage. Fry & Elder attorney Melissa Fell is setting out to prove this to be the case. The experienced Tulsa family law attorney recently attended the mandatory 2-day Collaborative Law training for the International Academy of Collaborative Lawyers in Chicago Illinois.  This training, along with her previous certification in Family and Divorce Mediation, now qualifies her to start practicing in this growing field of conflict resolution.

Collaborative Law

“I am very excited to bring this new family law practice area to Fry & Elder,” Fell said. “We now have the ability to offer our family law and other clients additional options when it comes to representing them in family and civil disputes.  One of my greatest strengths is the ability to negotiate difficult disputes, often helping our clients find creative or “out of the box” solutions that they may not have thought of before. This utilizes the skill sets I have attained from my training as a Certified Mediator as well as those I have developed as a Certified Life Coach.”

Collaborative Law Defined

Collaborative Law allows the clients to resolve conflicts without having to go into the courtroom.  It is designed to create an atmosphere of cooperation and teamwork.  Each party is represented by a trained collaborative law attorney, and issues are addressed in meetings between the parties and lawyers along with a collaboratively trained therapist, child specialist (if there are children involved) and financial expert.  The coaches act as neutrals on an as needed basis to guide and assist the parties in assembling and assimilating information to use throughout the problem-solving process.

“I found in my training, as I have in my litigation practice, that involving experts in their specific fields to create a team approach provides the best opportunity for an outcome that works for the parties, and the whole family unit,” Fell said.

Having mental health and financial coaches as a part of the process from the start neutralizes often strong emotions in ways that traditional litigation just cannot do.  The coach is there to redirect the parties during meetings to focus on their needs and interests so that they may come to a resolution that they can agree to.

Collaborative law

The Benefits of Collaborative Law

Collaborative Law is an ideal method for all types of cases, including those where the parties do not want their personal lives published in court documents online.  More and more people are finding that their personal information is used for fishing, or by people snooping into their private life.  With collaborative law, only the necessary documents are filed, and disputes between the parties and confidential information can be kept far more private than in traditional litigation.  The parties own the process and are able to make agreements that work for them and their families at their own pace.

“It gives ownership of the whole process and the outcome to the parties,” Fell said. “I have spent a great deal of time getting to know some of the collaborative professionals in our area, and I am convinced that the professionals in this group are all as invested as I am to revolutionize the practice of law.”

Another important benefit is the potential for cost savings to the parties.  By directly involving the coaches in the process from the beginning, issues are processed by the team members and the parties on a more timely basis than waiting for the court process and experts to be appointed, as well as the parties being able to share in the cost of the services that the experts provide.

The most important aspect of collaborative law is the impact that it has on the parties and their families and loved ones.  By focusing the process on mutual cooperation to find agreements, participants are far less likely to involve their children or to feel the stress of the process when drawn out through combative litigation.

Contact Fry & Elder Tulsa or Fry & Elder Oklahoma City today to set up a consultation with Melissa Fell and find out more about how Collaborative Law can be the right choice for you at Fry & Elder.

Oklahoma Child Support Lawyer Page Attends AAML Program

Robert G “Hap” Fry Jr. gained additional company when fellow Fry & Elder partner M. Shane Henry joined him as a 2018 Best Lawyers® Selection earlier this month. The acclaimed Tulsa divorce lawyer may one day soon gain another Fry & Elder attorney in the American Academy of Matrimonial Lawyers™, as Oklahoma Child support lawyer Amy Page took a necessary step toward acquiring membership in the elite organization after completing the AAML 2017 Institute for Family Law Associates in Chicago this past June.

Oklahoma child support lawyer

The prestigious legal organization’s mission is “promoting membership excellent in the practice of family law.” Fry is one of only 19 members of the AAML in the state of Oklahoma.

“It was an honor to attend this program,” Page said. “It certainly was not a beginner program. It covered advance family law issues, especially financial and property issues. Some of the program’s courses included preparing a QDRO and other instruments to divide retirement assets, deciphering tax returns, business valuation methods and principles and same sex issues in custody cases.”

The AAML program and its courses were designed to train associates to begin handling complex family law litigation in conjunction with the AAML fellow in their firm.

Oklahoma Child Support Lawyer Amy Page has Extensive State Agency Experience

While Page is less than six months into her tenure at Fry & Elder, she is a highly-regarded and experienced Oklahoma child support lawyer and has enhanced the firm’s appellate-litigation and child-support enforcement practices.

Before arriving at Fry & Elder in March of 2017, Page spent 17 years with the Oklahoma Department of Human Services (DHS). She stated in a May, 2017 Tulsa Business & Legal News article, which spotlighted her Fry & Elder arrival, that her reasoning to join a private practice was because of the following:

“I liked the sense of teamwork and the desire to continue learning about the law. I also felt that I would have someone to go to if I needed advice. I bring a wealth of knowledge of child support law and how to work with state agencies to the firm. Most of all, I like being part of a family that will take care of you.”

In addition to completing the esteemed AAML Institute for Law Associates, Page was named the 2009 Outstanding Family Law Attorney by the OBA Family Law Section and also received the 2014 and 2016 Chair Award by the OBA Family Law Section.

She falls in line with a long list of Fry & Elder attorneys who actively seek out CLE and professional development opportunities. Fry & Elder trial lawyers have traveled to London, Atlanta, New Orleans, Kansas City, Oklahoma City, Chicago, Washington D.C., Fort Lauderdale and Miami for CLE and professional developments conferences and seminars this year.

Oklahoma child support lawyer

Why Experience the Fry & Elder Difference?

Page is one of many elite family law attorneys at Fry & Elder – an arena of law which the firm has excelled in for nearly 50 years. The firm has been named to the U.S. News & World Report’s Best Law Firm’s list from 2014-2017. The firm’s vaunted lineup of attorneys includes:

Contact Fry & Elder Tulsa or Fry & Elder Oklahoma City today to set up a consultation with Page or another accomplished Oklahoma family law attorney.

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