Property division is often a sticking point during the divorce process. As you turn your attention to this detail, you'll come to find that retirement benefits may be among the largest assets that need to be divided.
There are many types of retirement benefits, including but not limited to: IRAs, pensions, 401(k)'s, securities, annuities and insurance contracts.
While some of these assets are easy to value, this doesn't always hold true. Subsequently, it can be a challenge to divide them in an equitable manner.
Upfront, you need to decide which retirement benefits are marital property and which ones are not. This will give you an idea of what is subject to division.
At our law firm, we understand the many challenges that come into play during the division of retirement benefits. For example, dividing these types of assets can have complex tax implications. You need to know which steps you can take to avoid a serious tax liability that could cost you a lot of money.
There is a lot to think about during a divorce, with property division weighing on your mind from the start. Retirement benefits are important to your future, so you need to take these into consideration early on.
Once you know your legal rights, such as which retirement benefits are subject to division and which ones are not, you can implement a plan for moving forward. The knowledge you collect will give you the confidence you need to move through the divorce process in a confident manner. You'll never second guess the decisions you make.