In many divorces, one or both parties will have a 401(k) retirement account through an employer. As with other assets, the 401(k) is usually considered a part of the marital estate and is subject to division in Virginia. But when dividing these retirement accounts, special care must be taken to ensure the division does not become a taxable event.
Getting divorced in Virginia can have a very negative impact on retirement plans. When spouses get divorced, they will have to divide all of their marital assets, including the money that they have saved in their retirement accounts. However, there are several ways that people can recover after their divorces so that they can still retire comfortably.