Dividing Retirement Plans During Divorce

4110934Question:

How are retirement accounts divided during divorce?

Answer:

While I am not licensed to practice law in your state and cannot give you legal advice, I can give some general observations on this issue based on the jurisdiction where I practice.

Missouri divorce attorney David Franklin
Missouri divorce attorney David Franklin

In many states, a court that grants a divorce has the authority to determine which property is marital property, to assess its value, to order the transfer of ownership of certain categories of property, and to grant a monetary award to the adjust the equities and rights of the parties. Among the property rights that may be allocated as part of such a proceeding is spouse’s interest in a retirement plan earned during the course of the marriage.

Generally, when dividing property at the time of divorce, the court is required to distribute all property in a just and equitable manner. Whether you will be able to retain your retirement depends upon numerous factors, not least of which include, the property awarded to your wife and to you, the financial resources available to each party, and your incomes.

However, in lieu of these judicial determinations, a divorcing couple may enter into an agreement for the allocation of their property, including retirement plan benefits. This option may assist you in protecting your retirement account.

To arrange an initial consultation to discuss divorce rights for men with a Cordell & Cordell attorney, including Missouri divorce lawyer David Franklin, contact Cordell & Cordell.

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Shawn Garrison is an Online Editor for Lexicon, focusing on subjects related to the legal services of customers, Cordell & Cordell and Cordell & Cordell UK. He has written countless pieces dealing with the unique child custody and divorce issues that men and fathers face. Through his work on CordellCordell.com, CordellCordell.co.uk, and DadsDivorce.com, Mr. Garrison has become an authority on the complexities of the legal experience and was a content creator for the YouTube series “Dad’s Divorce Live” and additional videos on both the Dad’s Divorce and Cordell & Cordell YouTube channels. Mr. Garrison has managed the sites of these customers, and fostered the creation of several of their features, including the Cordell & Cordell attorney and office pages, the Dad’s Divorce Newsletter, and the Cordell & Cordell newsletter.

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