Texas Lawyer Addressing Divorce and Retirement Benefits
In addition to your home and personal belongings, retirement benefits are subject to property division during divorce. The fact that these benefits are treated as community property catches some people by surprise. When you contact me, attorney Michael Suffness, I will take great care to educate you about everything that is subject to property division, including retirement benefits, and the steps that can be taken to protect what is most important to you.
Valuation of Retirement Accounts
I can assist with the division of:
- 401(k) benefits
- Military retirement benefits
- IRAs and Roth IRAs
Before these unique assets can be divided, they have to be valued. This is the first of several complicated steps involved in the division of retirement benefits. If a person has a pension, for example, and that pension will begin to be paid out in 15 years, the question arises: How do you put a value on future payments for the purpose of a divorce in the present?
To make matters more complicated, it is possible that only a portion of a person's retirement benefits are community property. If you started paying into your 401(k) 10 years prior to your marriage, that portion is considered separate property and is not subject to division.
These are complex issues that I know how to address, thanks to the more than 35 years of experience I have handling property division and divorce in Plano and throughout Texas.
What Is Most Important to You?
Just because your retirement benefits are subject to division does not mean they have to be divided. If you are willing to give up a larger portion of some other property, you may be able to keep your entire retirement account. I will take care to review your case with you, determine what is most important and take the appropriate action.
To meet with a creative, resourceful Plano retirement account division lawyer who you can trust to work in your best interest, please contact my office for a free half-hour consultation.