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Carlsbad Divorce Lawyer Offers Advice on the Division of Retirement Assets

Division of Retirement AssetsCarlsbad, CA – Divorce, or uncoupling, can be a complicated undertaking. The allocation of physical property is challenging enough. However, when this is complete, there is also the need to consider intangible holdings such as retirement plans.

Dividing Retirement Plans Between Parties

In the case of a legal separation or divorce, any money in retirement plans will most likely be part of the apportionment proceedings. The most common form of retirement plans are 401 k, Roth IRA, Simple IRA, employer contributions, or pensions, according to San Diego family attorney John Griffith. He says, “It may be surprising to learn that part or all of one party’s retirement assets can be awarded to the other. They may also be allotted according to a variety of directives.”

Taxation Considerations

Besides the very real concern of losing or gaining resources that are designed to ensure security in later years, there are additional problems that require the immediate attention of either party. For example, taxation is attached to retirement income. Proper divorce decrees will ensure this is transmitted efficiently and with the least amount of loss through federal and state levies.

Qualified Plans or IRA

Expert attorneys are able to work through this distribution of retirement funds with the least amount of penalty to either individual. Applicable rules depend on whether the retirement plan is an IRA or qualified – with separate legal terms invoked for each. Courts will use varying processes for either, and each can be explained during a consultation with an attorney.

To be sure, even the courts struggle with this on occasion, so it is extremely important to retain the services of a lawyer skilled and knowledgeable about how to split retirement plan assets appropriately.

Griffith explains “If you have a divorce pending, it is advisable to speak with a Leucadia Family Attorney to ensure you are able to retain the maximum amount of retirement funds.”

The attorneys at Griffith, Young, and Lass are available to speak to clients on the division of retirement assets in a divorce, and all other family law matters. GY & L is proud of their years of experience in meeting the needs of their customers in the San Diego, Del Mar and surrounding areas.

© 2017 Millionairium and Griffith, Young & Lass. Authorization to post is granted, with the stipulation that Millionairium and Griffith, Young & Lass are credited as sole source. Linking to other sites from this document is strictly prohibited, with the exception of herein imbedded links.

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Meet Your Dedicated San Diego Family Attorneys
Family Attorney John N. Griffith, CFLS
Family Attorney John N. Griffith, CFLS

Family Attorney, John N. Griffith, CFLS

John Griffith has practiced exclusively in the area of family law since 2009. John is a Certified Family Law Specialist certified as an expert in the area of family law by the California Board of Legal Specialization.

858-345-1720
john@gylfamilylaw.com

Family Attorney, Catie E. Young, ESQ.
Family Attorney, Catie E. Young, ESQ.

Family Attorney, Catie E. Young, ESQ.

San Diego family lawyer Catie Young has a wide range of litigation experience. She has worked in civil litigation. She has successfully represented clients in many areas of family law including child support, child custody, divorce and domestic violence. She has a unique approach to each child custody case, so clients of Griffith, Young & Lass tend to gravitate toward her in these cases.

858-345-1720
catie@gylfamilylaw.com

Family Attorney Amy J. Lass, Esq.
Family Attorney Amy J. Lass, Esq.

Family Attorney, Amy J. Lass, Esq.

Amy Lass was born in New York and raised in San Diego, California. Amy graduated from Cal Poly, San Luis Obispo in 2003 with a B.S. in Economics with a concentration in Enterprise Accounting and went on to earn her law degree from Thomas Jefferson School of Law and graduated cum laude in 2006. Amy takes a practical and cost considerate approach to the process while striving to balance the emotional needs and objectives of her clients.

858-345-1720
amy@gylfamilylaw.com

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The Typical Divorce Process in California
Discovery of Assets & Obligations (1-3 months)
1 Complaint for Divorce Filed Start of litigation
2 Complaint is Served Varies, but usually shortly after the complaint is filed
3 Answer to Complaint Due 30 days from the date of service
4 Mediation Anytime, but usually after initial discovery
5 Temporary Hearing Usually early in the process
6 Late Case Evaluation / Judicial Hosted Settlement Conference Usually near the end of the case
7 Trial (If Needed) The goal is to settle, but if your case goes to trial, it could take months after the start of litigation.
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