Over the course of a marriage, many couples put funds away in retirement or investment accounts. Either by agreement or through Court Order, the parties will divide these retirement or investment accounts. Oftentimes, however, selling shares or distributing funds before a certain age can create negative tax consequences.
If your divorce includes the distribution of retirement and investment accounts, you will most likely benefit from the expertise of a Family Law Trial Lawyer. Your Family Law Trial Lawyer will help you draft a Qualified Domestic Relations Order, which will be presented and signed by the Court, which will enable you to move funds following your divorce without you having to pay the typical necessary taxes.
You may also wish to request that the Court order for your ex-spouse to name you as the beneficiary on a retirement or investment account. This, along with purchasing a Life Insurance Policy, helps to secure Spousal Support or Child Support payments in event of the payor spouse’s untimely death.
You may be in a situation where some of your retirement accounts or investment accounts were started before you were married. In this case, these accounts, or even portions of these accounts, may be considered “non-marital” property. A Family Law Trial Lawyer will help you argue that these funds should be set aside from the other marital property and should not be subject to equitable distribution between you and your spouse.
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