There is a lot to think about as you go through the divorce process. In addition to your personal feelings, this is sure to impact your finances in a number of ways.
Many people focus so much time and effort on their home, cars and bank accounts that they overlook one important detail — retirement plan assets. Retirement savings typically come into play during a divorce, so you need to know what to expect along the way.
Unless there is a prenuptial agreement in place, you and your spouse will probably have to divide the balance associated with an retirement plan account. This can include but is not limited to a 401(k), individual retirement plans and pension plans.
Of course, you could face some questions and challenges along the way. For example, if your spouse worked and you were a stay-at-home mom, you may have questions about how retirement accounts are divided. The same holds true if you’re the primary breadwinner and you’re seeking a way to protect your retirement assets.
At our law firm, we have helped people on both sides of the fence. We can explain your rights, talk to you about things such as a Qualified Domestic Relations Order and help you understand what the divorce process will bring.
Property division is one of the biggest challenges associated with the divorce process. If you wondering what will happen to retirement plan assets, there is no time to wait around and hope for the best. You should learn more about your rights and then do whatever it takes to obtain the assets you’re entitled to.