Transferring Marital Share of Retirement Accounts in Lieu of Installment Payment of Monetary Award Proper.

In Johnson v. Johnson, the Virginia Court of Appeals, in a published decision, ruled that a trial court did not abuse its discretion in permitting husband to satisfy an installment payment of a monetary award to wife by transferring his marital share of his retirement accounts pursuant to Code § 20-107.3(D) and in declining to award attorney’s fees to wife; issue regarding expert witness’ fees is waived for failing to comply with Rule 5A:20(e). The court was clearly authorized by statute to do this and stated that this method of satisfying its equitable distribution award would be considered in the parties’ divorce decree.  It didn’t matter that the wife would receive much less than she was actually awarded if she cashed out the retirement accounts because of the tax implications of cashing out the retirement accounts.  According to the judge, what mattered was the value she was getting, not the cash in hand she could get if she cashed the accounts out.