Dividing Retirement And Investment Accounts In Divorce
Property subject to division in a divorce includes vested retirement accounts and pensions the spouses own. Retirement accounts or pensions are frequently large assets in Indiana households. In some instances, the value of a 401(k), IRA, pension or another retirement asset may exceed the value of the family home and other marital property.
Protecting Rights To Retirement Benefits In An Indiana Divorce
Most people are not familiar with the complex legal requirements associated with dividing retirement plans. Speaking with a lawyer who is experienced with retirement accounts is critical for you to protect your financial future. In addition to these accounts, which are in the name of only one spouse, a divorce lawyer can help you to understand the complexities involved with dividing investment accounts. Courts often treat retirement assets differently than other assets when determining equitable division of marital property.
The attorneys at Allen Wellman McNew Harvey, LLP, take pride in thoroughly addressing the unique issues that can occur with retirement and investment accounts. The first step in protecting the rights of clients is in locating all of the assets, including any potential hidden investment accounts. Because we prepare every case for trial, our diligence includes a full evaluation of all assets that belong in the marital estate.
Many retirement accounts are divided under a specific court order known as a qualified domestic relations order (QDRO). The plan administrator must approve the QDRO. We draft QDROs on behalf of clients to ensure that the order follows the appropriate specifications. A properly drafted QDRO will protect your interests in obtaining the assets you deserve, as well as address important tax implications.
With other investment accounts, it is vital to evaluate the tax implications of various investments. Because potential capital gains taxes could dilute one investment interest more than another, it is critical to gain a full understanding of the overall value of an investment to protect your rights. Our lawyers will guide you through the complex details to obtain a divorce settlement that is fair and reasonable under the law.
Call To Protect Your Financial Future
To arrange a meeting with a knowledgeable retirement and investments attorney, contact us online or call 317-468-2365 or 866-958-6354 toll-free. Our main office is in Greenfield. We also meet clients by appointment in our satellite office Indianapolis.