Carlsbad Divorce Lawyer Offers Advice on the Division of Retirement Assets
Carlsbad, 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.”
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.
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