An aspect of property division in a divorce that spouses tend to overlook before consulting with an attorney is how retirement assets will be dealt with in a property division settlement. Retirement assets accumulated during a marriage are part of the marital property belonging to both spouses.
Calculating the value of retirement assets accumulated during a marriage plus the increase or decrease in that portion of retirement funds is a job for financial experts. An accurate evaluation will keep separate portions of retirement funds out of the calculations. Through QDROs (qualified domestic relations orders), accountants with expertise in retirement funds and divorce arrive at formulas that determine how retirement pensions will be paid out. Other types of retirement assets, such as 401(k) and IRA savings accounts, should also be taken into account.
Some couples use creative means in accounting for retirement funds in relation to other types of marital property as well as spousal maintenance. Offsetting one asset for another enables couples to craft equitable property distribution agreements. Many couples are able to rise above contentiousness and acrimony during divorce settlements, negotiations and mediation, realizing that it is in their mutual best interests to determine the best way to divide all assets.
It is often possible for a divorcing spouse to obtain cash from retirement funds without waiting until retirement age. An experienced divorce lawyer can help you reach settlement agreements that are equitable and advantageous, while minimizing tax liabilities.
Get advice on complex property division that takes into account how retirement assets can be divided equitably. Contact our Phoenix law offices, serving Maricopa County and Pinal County. Dividing retirement accounts, real estate, bank accounts and debts can be made clear with our help as you move toward finalizing your Arizona divorce.
Understanding retirement assets during divorce is important for your financial future. Decisions made now will impact your fiscal well-being long after the pain of the divorce has subsided. Talk to a knowledgeable, compassionate attorney about this critical area of Arizona marital property. Lawyer Stephanie Jackson and lawyer Nicole Lasiter are committed to helping each of our clients obtain results that are reasonable and right for them. Call 602-234-5900 or e-mail us.