Retirement Account Division
Divorces can be decidedly messy affairs. This is especially true when it comes to the division of assets, specifically, retirement accounts. Even celebrity couples may have to grapple with the complexities of these laws. There are a number of complicating factors and moving parts to be aware of when it comes to these proceedings. Your best bet is to educate yourself on your rights, and the landscape involved. Then you should consider reaching out to an experienced Glen Burnie and Columbia-based law firm in order to advocate for your interests.
What’s Involved in Account Division?
In Maryland, anything that’s earned during one’s marriage is subject to apportionment during divorce proceedings, except for whatever protections were outlined earlier in a prenuptial agreement. That means that the following assets may potentially be divided by a divorce court:
- 401(k) plans
- Stocks, bonds, or other investments
Divorce courts are interested in dividing these assets in a way that is fairest to all interested parties. The goal of these asset-divisions actions is not to bankrupt either individual. Rather, it’s to ensure that both parties have the resources necessary to sustain similar lifestyles in the post-divorce lives that they enjoyed during their married ones.
The division of assets can get somewhat complicated depending on the actual division of labor present during the marriage. For instance, if the individuals involved started a business together and made joint decisions on which stocks to invest in, then the division of assets would probably be something close to fifty-fifty. Imagine, however, a scenario in which both individuals contribute to the same business outfit, but one spouse was involved exclusively in money matters, including investments. Should the other spouse benefit equally from the business acumen of the other spouse? Is that necessarily fair? These are complicated questions for judges to answer. That’s why no two cases are alike. That’s also why it’s important to seek out dedicated and experienced counsel when engaging in these types of proceedings.
Another noteworthy element of these cases is the increasing dearth of pensions found in employee’s benefit plans. Gone are the days when most private corporations would provide defined benefit plans, sometimes in excess of 80 percent of one’s active salary, to their employees in perpetuity. Therefore, more and more of the post-career revenue that individuals depend on relies on that person’s financial acumen. This can be a dynamic factor when deciding what a fair division of assets looks like for any number of couples.
Choosing Your Attorney
If you are going through a retirement account division proceeding, it’s important to recognize the stakes involved. We’re talking about thousands, if not millions, of dollars that may or may not be distributed to you over the course of the next few decades, a time in which many people desire to retire from full-time work. It goes without saying that choosing the right attorney at this juncture is simply paramount. For dedicated, unyielding, and skilled counsel, contact the Law Offices of Todd K. Mohink, PA today. Our Maryland lawyers have the experience and energy necessary to ensure that you secure the outcome you desire in your divorce proceedings. There’s no time to waste. Call today to learn more.