Dividing Retirement Assets In Divorce
The Advocacy You Need When Planning Your New Future
If you or your spouse has 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), stock options 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 from 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 the 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 calling our office at 800-441-7573. 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 a 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 800-441-7573, or use our online form to get in touch. We can meet you in our office in Charlestown or at your location in Cambridge, or we can travel to meet you elsewhere in Middlesex County or in other counties in Massachusetts.