Dividing Retirement Assets In Divorce

The Advocacy You Need When Planning Your New Future

If you or your spouse have decided to end your marriage, the elements that have until now made your shared life possible need to be divided. This includes not only the obvious assets such as a shared home or cars, but also 401(k) savings, independent retirement accounts (IRAs) and other retirement savings. For divorcing couples who have been married for a long time, or whose retirement accounts may be sizeable, proper division of retirement accounts is particularly important.

Not All Retirement Accounts Are The Same

It's often not enough to decide that retirement accounts will be divided 50-50 in a divorce. Depending on the type of account, retirement accounts have different rules and requirements for distribution. A 401(k) is handled differently than an IRA or a military pension plan. Neglecting the specific requirements of your plan could mean that one or both spouses end up planning on a retirement that is not funded. Miscalculating the timing of necessary paperwork or neglecting to consider the tax implications of dividing retirement plans could wreak havoc on your financial future. That's why it's very important that you work with a lawyer who understands the complexities of dividing retirement assets fairly. Seek the counsel of our Charlestown attorneys by reaching out online or by calling our office at 617-380-7643. We can schedule a consultation to discuss the particulars of your situation and learn how your divorce will affect your retirement accounts.

We Are Here To Help

At the Law Offices of Andrew S. Guisbond, we understand that divorce is a stressful event, and contemplating a changed financial future can add to that anxiety. That anxiety can become particularly acute for high-asset clients. Our attorneys will help walk you through the process of dividing retirement accounts and other resources so that you can count on a known financial foundation for your future. To schedule a consultation, call our office at 617-380-7643, or use our online form to get in touch. We can meet you in our office in Charlestown, at your location in Cambridge, or can travel to meet you elsewhere in Middlesex County, or in other counties in Massachusetts.