One of the biggest problems for many divorce cases is the division of retirement plans, particularly for marriage that lasted quite a while. Many couples have multiple retirement accounts between them, and the rules of each type of account can further complicate the matter. At Wilson-Goodman Law Group, PLLC, we have extensive experience dealing with these cases and are ready to get to work helping you through this. Call us today when you need a Chandler asset division attorney to help with your retirement accounts.
Divorces are complicated, especially when there are retirement plans involved between the two parties. At Wilson-Goodman Law Group, PLLC, we are going to provide you with knowledgeable and experienced legal help every step of the way.
The process of dividing assets in an Arizona divorce can become incredibly complicated, especially when dealing with retirement accounts. An attorney will be a necessary part of dividing retirement accounts in a divorce. They will often get assistance from financial experts to determine the rules of each particular account as well as the tax implications involved in dividing the assets.
Your attorney will ensure that you understand how each individual account will be divided and work with the other spouse’s legal team to negotiate a fair and equitable division.
The courts in Arizona have determined that retirement assets are to be treated in the same manner that all other community property is treated in a divorce. This includes:
A person may or may not be entitled to the full valuation of the account, and the court will need to decide which contributions are separate property and which are marital property. Some accounts are considered defined contribution accounts in which you invest money that grows over time (IRAs, 401ks, etc.). Others are considered defined benefits accounts in which you may or may not invest into the plan but will receive a monthly amount at a certain age, like pension plans.
Your attorney will also work to ensure any qualified domestic relations orders (QDROs) are in place. These are a judgment, decree, or order for a retirement plan to pay spousal maintenance, child support, or marital property rights to a spouse, former spouse, child, or other dependent.
If you are going through a divorce and have one or more retirement accounts that need to be divided, please speak to an attorney as soon as possible. At Wilson-Goodman Law Group, PLLC, we have the experience you need to properly divide these accounts and get your divorce finalized. When you need a Chandler property division attorney, you can contact us for a one-on-one appointment to discuss your case by clicking here or by calling (480) 503-9217.