Divide Retirement Assets Strategically
Your and/or your spouse may have one or more types of retirement accounts. Like other investment accounts, retirement accounts are normally considered to be part of marital property. Regardless of which spouse was the employee accumulating value through a retirement account, the value of those assets is to be considered in a divorce settlement or decree. As part of comprehensive legal counsel regarding your Massachusetts divorce, work with an attorney who is experienced in complex asset division.
At Callahan | Barraco, our sizeable team of highly qualified family law attorneys will make sure that your interests are protected if you become one if our clients. In property division discussions, we will not let your or your spouse’s retirement account(s) fall through the cracks. We will work to ensure that you receive or retain your fair share.
Steps To Equitable Distribution Of A Retirement Account
First, you should know what the retirement account in question will be worth when you and/or your spouse may begin withdrawing assets from it. Our attorneys have ample knowledge and a network of experts to draw on. We can help clients arrive efficiently at this understanding.
To divide a 401(k) or pension, a qualified domestic relations order (QDRO) will be necessary. Not all family law attorneys prepare QDROs. At our firm, we prepare them or collaborate efficiently with professionals who do so for our clients. Your family law attorney can help you obtain any QDROs that you need.
To split an individual retirement account (IRA) or health savings account (HSA), you or your spouse – the account holder – should be able to do this right after the divorce. You and/or your spouse will need to submit a transfer order as well as a copy of a divorce decree to the holding financial institution. The split will be like a rollover without penalty.
If you anticipate other forms of retirement benefits, such as deferred executive compensation to be paid out upon retirement or termination, our attorneys will guide you in protecting your fair share.
Reallocate 401(k) And Other Accounts
Our large team of divorce law attorneys is a powerful resource for our clients with retirement funds and other investment accounts. We will match you with the lawyer at our firm who is most well-suited for your legal needs.