Get Your Fair Share Of Investment Accounts In Your Massachusetts Divorce
In a Massachusetts divorce, a family law court may divide any or all property owned by either or both spouses. A judge will take a wide range of factors into account when ordering or approving property division. As a guiding principle, the judge will normally aim to achieve equitable property division.
Among other assets, investment accounts in the names of either or both spouses may be allocated in various ways with the overall goal of dividing property equitably. Are you concerned about protecting your retirement or other investment account(s) in your Massachusetts divorce? Our experienced attorneys at Callahan | Barraco can guide you in full support of your rights and interests.
Understand What Is At Stake And Preserve Value If Possible
As a given, spouses approaching divorce must disclose all investment accounts to prepare for property division. No matter whose name is on an account, it will be included in the big picture of asset division in your divorce.
In your property division negotiations, you may decide to leave one or more of such accounts intact in exchange for other assets (such as the equity in the marital home). Regardless of whether you will divide accounts or keep them intact, it is vital to verify the value of each investment account. The equitable division of all assets is the bottom line in property division for Massachusetts divorces.
As a starting point, you and your spouse should make sure you understand how your investment accounts are structured. You should also learn how to fulfill your responsibilities before and after your divorce.
- To determine the true value of any investment account, it is important to know how withdrawals will be taxed. For example, with a traditional retirement account, contributions are tax deductible but withdrawals are taxed. On the other hand, contributions to Roth retirement accounts are made after taxes are paid but withdrawals are not taxed.
- For clarity regarding tax implications of dividing annuities or other investment accounts, the advice of a financial adviser can be critical.
Even if an investment account will remain intact after your divorce, check to see whether you will need to update your beneficiary designations.
Know Your Rights And Options Regarding Marital Investment Accounts
For your protection, get a clear understanding of what you stand to gain, retain or lose when dividing investment accounts in your Massachusetts divorce. Take full advantage of the knowledge that an experienced divorce lawyer, mediator (if applicable) and any financial experts whom you consult have to offer.
As you and your spouse enter property division negotiations or head to divorce court, our attorneys at Callahan | Barraco can help you hold onto your share of investment accounts. We will advocate for your right to your fair share. Call 508-271-7963 or email us to discuss the division of marital assets with a lawyer.