Retirement assets and divorce

On Behalf of | Oct 30, 2022 | Family Law |

Many individuals may put significant time and effort into creating a strategy for the golden years of life and they might not want to let anything disrupt their wishes and preferences. However, life might not always go as planned and individuals in North Carolina who are facing the end of a marriage may have questions about the role retirement assets might play in the process. Seeking insight into one’s options and vital topics to address regarding retirement assets in divorce may be essential to pursuing the best outcome possible regarding one’s financial future. 

Addressing retirement assets 

According to experts, there may be numerous integral factors to address regarding retirement assets when facing the end of a marriage. One such factor could pertain to determining whether assets are marital or separate property and understanding the difference between these two classifications may prove essential. While knowing how to properly identify and value marital retirement assets could also prove vital to making informed choices, it can be a complex process at times, especially in scenarios involving lengthier marriages.  

One may also benefit from knowing every factor to address regarding the process of dividing retirement assets. Some types of retirement accounts may prompt a need to obtain a QDRO and dividing assets in compliance with the terms of a divorce decree may also be necessary to avoid potentially costly fines and penalties. There may also be various steps to take regarding such assets after a divorce is finalized, such as changing beneficiary information on accounts. 

Where to turn for advice 

While retirement assets may play a substantial role in the outcome of a divorce, preparing to make decisions about such topics can be challenging, especially during a potentially emotional time in life. Fortunately, one does not have to go through this alone, as there are attorneys who can address a person’s questions and concerns and provide insight in carefully evaluating the situation. An attorney in North Carolina can work toward creating a strategy that focuses on a client’s future wishes and needs and help guide him or her through every step of the subsequent process.