Retirement Accounts In Divorce: Protecting Your Financial Future
Retirement assets have likely been a cornerstone of your financial planning. These funds represent years or even decades of hard work and dedication. Your home and retirement accounts – which may include pensions, IRAs and 401(k)s – may be your most substantial assets. Divorce can jeopardize those assets, drastically impacting your financial security and retirement dreams.
At The Law Office of Lisa A. Vance, P.C., we understand the importance of protecting what you’ve worked so hard for. Our divorce attorneys in San Antonio can provide the guidance you need during one of the most challenging times in your life.
Our approach is open, honest and sensitive to the emotional nature of family law issues. We pride ourselves on being nonjudgmental and focused on helping you through each step. Led by award-winning attorney Lisa A. Vance, who has over 35 years of experience handling divorce cases in Texas, our team truly shines in handling complex, high-stakes cases like these.
Dividing Retirement Assets Fairly
Retirement assets built during marriage are generally community property, which means they’re subject to division in divorce. The split must be fair and equitable. This doesn’t necessarily mean a 50-50 division, however. Numerous factors go into that determination, including:
- The length of the marriage
- The employment and earning capacity of each spouse
- The custody arrangement and special needs of the children
- Each spouse’s health and any disabilities or medical conditions
To split retirement assets without incurring tax penalties, you must secure a Qualified Domestic Relations Order (QDRO).
The Importance Of An Accurate Valuation
The true value of retirement accounts isn’t always clear-cut. Proper valuation is essential to ensure that both parties walk away with their fair share. Our team works with qualified financial experts to ensure that clients don’t get shortchanged.
Looking Ahead After Divorce
It’s critical to update your retirement account beneficiaries and estate plan after divorce. These details can easily be overlooked, but they’re incredibly important to secure your financial future and that of your loved ones. Our lawyers can help you create or update an estate plan that reflects your post-divorce family situation and financial state.
Get Clear Guidance On How Divorce Impacts Pensions And Retirement Funds
If you’re concerned about how divorce may impact your retirement plans, reach out to us. Our lawyers would be happy to guide you toward a resolution that protects your financial interests. Call 210-265-6277 to reach our office in San Antonio.