On behalf of Cooper, Tanis & Armas, P.C. posted in high asset divorce on Wednesday, May 11, 2016.
When a couple decides to get a divorce, it could impact their finances for years to come. As more people over the age of 50 opt to dissolve their marriages, it also means that their retirement accounts could be divided as part of a settlement. However, because there are a variety of such vehicles available, it may be difficult to determine the procedure.
It may also be difficult because a person’s retirement account is not necessarily linked with his or her income. Furthermore, they could be compised of several assets such as cash, equities or employer stock options. It is also important to consider that the value of the account could change as time passes between the date of separation and when the divorce is actually finalized.
Therefore, it is advised that an individual finds an attorney who may have experience with the type of plan that he or she has. For instance, someone with a military plan may want to find an attorney who has handled cases involving such plans in the past. Having professional help may also help account for fees and taxes that may be incurred after money is allocated from one party to the other.
There are many issues that people who are going through a divorce may want to keep in mind. In addition to a retirement account, it is also necessary to consider how marital debt as well as other assets will be split up. Furthermore, it may be a good idea to have legal counsel and a forensic accountant who can assist in finding hidden assets.