When contemplating issues regarding the end of a marriage don’t overlook retirement in your Louisville divorce. Retirement accounts and pensions are often one of the largest assets involved in the process of a divorce. The division of retirement accounts is often completely overlooked, especially by those who attempt to work through a divorce on their own. However, even a simple mistake in this area can literally cost you several hundred thousands of dollars down the road.
You don’t want to overlook retirement in your Louisville divorce case. There are several forms of retirement assets and each have different processes and legal documents required to properly and successfully divide them during marital property division. The most common retirement assets include a 401(k) or 403(b), Individual Retirement Accounts or IRAs and Roth Accounts, Pensions such as KTRS (Kentucky Teachers Retirement System) or KPPA (Kentucky Public Pensions Authority) and even Social Security.
Marital assets and debts are to be divided equitably during a Louisville divorce. The primary issues associated retirement accounts will include the characterization of the asset as marital property, separate property or some combination of the two. For example, if you already had a retirement asset prior to getting married, part of the account would be your separate property and part of it might be divisible as marital property.
This is why it is important to work with the experienced and expert divorce and family law attorneys at Dodd & Dodd. We provide sound advice and counsel throughout the process of your divorce to help ensure you accomplish your own goals and objectives. It is important not to overlook retirement in your Louisville divorce case as these assets may be some of the largest available. Once you have reached an agreement (or the Court decides the issue) our attorneys ensure precise and carefully structured legal documents such as a Qualified Domestic Relations Order or QDRO or other forms required by a plan administrator are properly executed.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
