For many people, retirement accounts and benefits may be the most valuable asset they have. Whether it is a 401(k), an IRA or some other form of retirement account or benefit, these are the investments that people may have worked their entire lives to build.
When divorce happens, people are rightly concerned that these assets may be threatened.
Many people are under the impression that because they earned their retirement that it is not marital property, which needs to be divided in a divorce. This is not the case. Contributions to a retirement account or retirement benefits earned during the marriage are generally considered marital property. Any contributions from before the marriage are generally not marital property.
While retirement accounts and benefits may be marital property, there are ways to avoid having to divide them during a divorce. A spouse could negotiate a property settlement that trades some other asset or property to his or her former spouse in return for leaving any retirement accounts or benefits alone.
We can help you pursue the outcome you need regarding the division of retirement accounts and benefits in your divorce.
Attorney Michael J. Smith has been helping people craft highly effective resolutions to the most complex family law matters for decades. He understands the issues that go into creating solutions for people regarding the division of retirement accounts and benefits. This includes ensuring all proper paperwork is in place to assist with any division, including qualified domestic relations orders (QDROs).
When retirement accounts and benefits need to be considered during a divorce, turn to Michael J. Smith, Attorney at Law, LLC, for experienced help you can rely on. To schedule an initial consultation, call 815-923-1129 or contact us online.