Santa Fe Property Division Attorney
During the divorce process, the division of community property is a major consideration and can be one of the main sources for conflict. One of the most complex aspects of property division is the division of retirement assets, including securities, pensions, 401(k)s, trusts, IRAs and other retirement fund vehicles. These assets are often overlooked by couples in divorce proceedings, especially in do-it-yourself divorces. Often couples do not appreciate the difficulty in dividing pensions, benefits and other retirement assets.
At the law firm of Stephen P. Eaton, Attorney at Law, we use our experience in divorce and property division to help our clients understand the division of retirement assets. Pensions and other retirement assets are considered marital property if they were earned during a marriage. Retirement assets earned before the marriage are considered separate and are not subject to division. Often, a retirement benefit will have be partially community and partially separate property. It is important to identify when retirement assets were acquired so that they can be divided property. In order to properly valuate and divide these assets, it may be necessary to consult with forensic accountants and other financial experts.
If you are concerned about the equitable distribution of retirement assets in your divorce, contact us and speak with family lawyer Stephen Eaton in Albuquerque, New Mexico.
Equitable Division of Retirement Assets
Once the retirement accounts in a marriage have been identified as marital assets, they must be properly valuated and equitably distributed. The equal distribution of marital assets does not necessarily mean that the assets will be split 50/50 among the parties. The court has broad discretion in dividing marital assets and debt among divorcing spouses and the judge will generally divide the assets in a proportion that he or she feels is equitable or fair.
The division of retirement assets can be made more complicated if both parties do not fully disclose information about their individual retirement accounts. Additionally, if one spouse has dissipated the retirement fund by removing assets or has used assets from a retirement fund to pay marital debt, additional considerations may have to be made in order to equally distribute existing retirement assets.
By hiring an experienced attorney, you can handle these potential complications and complete the process of property division and divorce in an efficient and cost-effective manner.
Contact Family Law Attorney Stephen P. Eaton
For more information about the division of retirement assets in a divorce, contact us at Stephen P. Eaton, Attorney at Law. Call us in Albuquerque at 505-837-9200. We accept all major credit cards as payment for our legal services.