Divorce Guide

Divorce Guide

Retirement assets in a divorce

During divorce there a number of issues a divorcing spouse would have to take into consideration. After your divorce there would be division of property and assets. Retirement assets in a divorce would determine what kind of retirement would be most suitable for you after divorce.

Retirement assets in a divorce-

Retirement assets/plans would also be required to be divided in a fair manner in a divorce.

Verify what type of retirement plan you have-

You should determine what type of retirement plan you have. There are different types of retirement funds like the IRAs. Once you know of the type of retirement plan you have, legal attorneys and the court would be able to use a certain type of terminology, which would thereafter make the documents legal and binding. Once the court is aware of the retirement plan you hold, the court would ensure that the retirement plan is divided in a fair and effective manner.

Confirm with the financial institution-

It is imperative to check with the financial institution which holds the retirement plan policy. It should be kept in mind that different institutions will require the retirement policies to be divided using different methods. In some cases, for some documents dividing retirement policies, the custodianís full name and the retirement account number must be mentioned. You must check with the institution your policy is held by as there maybe other requirements. In the divorce documents it must be mentioned what is required to be divided so that the retirement policy is legally divided.

All the details must be covered-

All the details must be covered and mentioned in the retirement policy.

The document must mention as to how the policy would be divided. There should be no confusion in the retirement policy. During the entire process you can take the help from your legal attorney who would help you with the required and appropriate wording. The documents should be drafted in a manner which is correct and clear when it comes to dividing the assets.

You could loose ownership to the retirement plan if the documents are not worded correctly and are classified as not legally binding.

Revise your will-

It would essential to revise your will. Your will would determine who would take care of your assets, your children and who would inherit your assets which you earned throughout your life. You should work towards re-establishing the guidelines mentioned in the will so that there would be no confusion in the future. It would also be important to appoint beneficiaries.

Legal help-

If you and ex are not able to decide as the manner in which the retirement plan would be divided, you can take legal help from the judge. The judge would make a decision which would be based on your specific needs and your situation. You can avoid bitter arguments with legal help.

When you are aware of your retirement plans and assets in a divorce, you would be able to know the kind of financial freedom you would attain after divorce.

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