When it comes to sharing assets under NY laws, it consists of dividing both debts and assets acquired throughout both parties’ marital life. Although NY domestic relations have a judicious definition of marital, it also features a less open definition for separate property.

In 1984, the NY court of appeal set a formula for dividing retirement accounts in QDRO. The formula is called the ‘Majauskas formula,’ named after the case where it had been articulated. The formula calculates the shares retirements account of a non-employee spouse that is due to the other party.

The formula goes thus:

(Years of service credit accumulated throughout the marriage) divided by (Total service credit at the period of retirement) x .50

Your separate property could be a bank account that you have before getting married and whose name hasn’t changed ever since. But if you had taken some money from the said account to buy a marital home, you might qualify for obtaining a contribution.

When two partners separate, tons of aspects are affected that would need an address. This includes but isn’t restricted to retirement accounts, lands, insurance cash value, pieces of jewelry, cars, and vacation homes. When two partners separate, it’s ideal for both to go with their share reserved for retirement.

Premarital Retirement Account

When sharing a retirement account according to New York laws, issues might spring up. For example, if you had a substantial amount in your account that suddenly appreciated, you’ll need an expert who can make proper calculations to determine which portion is personal and which is deemed marital. But this is not an issue at all, as you don’t need more headache solving math when there is an expert on board.

Dividing retirement accounts in New York is never a rosy road. It’s complicated and could make you scream most times. But when you work with the right legal representative, you make the journey a lot easier.

Hiring A QDRO Attorney

Due to how complex a QDRO process can be, it is in your best interest to hire an experienced attorney to guide you every step of the way. Through your attorney, you avoid some common pitfalls most people make when going through this phase in life.

It doesn’t have to be the end, as there are better prospects in the future. By hiring an attorney, you give yourself a better chance at walking away without long-term effects. Divorce can be bitter, and losing parts of your assets can even compound the bitterness. You don’t have to go through it alone, which is why you should call 718-303-0753 or fill out the contact form to get in touch with the right attorney.