Dividing Retirement Accounts And Other Assets In Divorce
You have worked hard during your adult life to make ends meet, pay your bills and provide for your children. You have also managed to acquire some valuable assets and put money aside for retirement. It is understandable if you are concerned about the effect divorce may have on your assets and financial outlook.
At Goldschmidt & Genovese, LLP, our proven family law attorneys offer quality legal representation. Our team has extensive experience helping men and women in Westchester County and surrounding areas of New York protect their financial interests in divorce. This includes people with significant retirement assets, multiple properties, professional practices and more.
Options For Dividing Retirement Accounts In Divorce
Retirement accounts are something people are almost universally concerned about in divorce. After all, retirement is the end goal and the thought of starting over midway through life is devastating. There are two primary ways for reconciling retirement assets in a New York divorce: the immediate offset method and the deferred distribution method.
The immediate offset method would determine the value of the retirement account, allow the account holder to keep it and then offset that by providing an asset of equal value or cash in that amount to the other party. The simplicity and immediacy of this option make it the most popular option when a marital estate has enough assets to facilitate it.
The deferred distribution method calls for the division of the account’s value once the account’s benefits are payable. This requires the establishment of a qualified domestic relations order (QDRO) to govern how much should go to the nonaccount holder spouse.
Division Of Significant Assets In Divorce
The division of other significant assets such as businesses and professional practices is not entirely different from the division of retirement assets and any other marital property. A spouse who wishes to keep an item such as a vacation property or family business will need to give up an asset or cash of equal value. If a settlement cannot be agreed to, it may be necessary to sell disputed assets and distribute the money in order to achieve an equitable distribution.
Contact Us Today For Help With Asset Division
You have worked hard to acquire assets and deserve an attorney who will work hard to protect your interests. Contact us today to schedule an appointment. For client convenience, we also offer off-site appointments outside of Westchester County as necessary.