April 21, 2012 (Press-News.org) You have been responsible, you've worked hard for years to build up your retirement accounts. Yet, you may not be aware that if your marriage falls apart, your ex could be running off with a significant portion of your retirement savings.
Retirement Accounts Subject To Equitable Distribution
Ohio is an equitable distribution state, meaning that in divorce, assets will be divided based on what a court sees as fair -- not necessarily what is equal. A number of factors may come into play in the court's decision, including the length of the marriage, attributes of given pieces of marital property (liquidity, indivisibility, inherent tax consequences, etc.) and each party's relative contributions to the accumulation of assets (including nonmonetary contributions, like those made as a homemaker).
Of course, you and your former spouse may come to a property settlement agreement outside of court. Nonetheless, even in out-of-court settlements the legal standards for division of marital property are important, as they underlie all aspects of negotiations.
Get the Most Out Of Retirement Funds in Negotiations
Any Ohio family law attorney will tell you that retirements accounts are one of the biggest assets in most divorces. Your former spouse may try to dip into a pension plan, profit sharing agreement, 401(k), IRA or stock options. So how can you safeguard your retirement?
Planning ahead with a properly executed prenuptial agreement is one way to hedge against the risk of divorce. Yet, even if you did not enter into a prenup before marriage, it does not mean you must inevitably face a retirement asset free-for-all.
There are many ways to help keep your retirement savings intact through your divorce. For one thing, you'll want to carefully document any retirement assets -- gather all pertinent records. You should also prioritize your retirement accounts in negotiations. In return for a higher stake in retirement funds, many individuals choose to relinquish assets that are less easy to replenish and do not have such significant returns over time (like the family home, which, as an added ownership disincentive, usually comes with vast post-divorce upkeep costs). Finally, avoid raiding retirement funds to pay for your divorce -- it will severely impact your potential savings growth, and there are other sources of quick cash that do not have early withdrawal penalties.
Call an Ohio Family Law Attorney for Legal Assistance
An experienced family law attorney can help you develop additional strategies for protecting your retirement assets in divorce. If your marriage is headed for divorce, contact a lawyer today to ensure you have the best chances at a bright retirement.
Article provided by Amy M Levine & Associates LLC
Visit us at www.ohiowvlaw.com
Protecting Retirement Assets in Divorce: What You Need To Know
A little knowledge, and the right help, can keep your former spouse from walking away with resources you're counting on to fund your golden years.
2012-04-21
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[Press-News.org] Protecting Retirement Assets in Divorce: What You Need To KnowA little knowledge, and the right help, can keep your former spouse from walking away with resources you're counting on to fund your golden years.