When couples divorce in the State of New York, asset division is generally calculated by the value accrued during the marriage. But how does that work with retirement plans?
In this week's episode of his Family Matters vlog, partner Joseph Trotti, head of Vishnick McGovern Milizio LLP’s Matrimonial and Family Law Practice and founding partner of the VMM Family InstituteSM, explains how retirement accounts (401(k)s, deferred compensations, IRAs, pension plans, etc.) are distributed in case of divorce, what is the "Majauskas formula," if assets can be waived or traded, the relevant tax issues, and how to safeguard against undesired future complications.
