Retirement Transfer Orders
One of the most difficult components of a divorce is dividing marital property equitably, including retirement plan benefits. This is a financial element of a divorce that many spouses forget without professional legal counsel when they are divorcing. And it is particularly true for the spouse that does not have a retirement plan at work or does not contribute to a personal retirement plan. Some couples who forget are eager to separate, and others may contest the divorce strongly based on financial obligations. This is when it is necessary to have an experienced family law firm in Raleigh like Fresh Start Family Law –North Carolina lawyers representing your case for a fair dissolution.
Retirement as a Marital Asset
Evaluating marital property is the first step in a divorce mediation case. Assets that are owned prior to the marriage date are generally considered personal property, which can include the prior contributions to a retirement account. Earnings that were contributed after the marriage are typically included as marital property and are available for division. Sometimes an agreement can be reached with an allowance for other property, but typically a portion of retirement assets will be transferred to a spouse by court order.
What Your Divorce Attorney Can Do
Retirement plan assets should never be omitted from a divorce mediation, and an effective divorce attorney will know how to evaluate all marital assets and present a plan for an equitable split in a complicated retirement plan. Your attorney can calculate the amount that is marital property and provide an alternate payment method or move for a retirement transfer order in that amount. There are also specific tax obligations associated with disbursal of retirement plans, and having all legalities addressed beforehand is important.
Contact a Family Law Firm in Raleigh
Division of retirement assets is easily one of the most important issues in dissolving any marriage, and it is always vital to have comprehensive legal representation when marital assets are being evaluated. Always call Fresh Start Family Law – Raleigh, North Carolina lawyers for all-inclusive legal counsel regarding marital assets in any divorce proceeding.