Financial Advice On Dividing Retirement Plans In Divorce

mens divorce lawyer Janet Yu JohnstonQuestion:

I need financial advice on divorce and how my retirement assets will be divided.

I have taken early retirement and those payments are all I have to live on. Is my wife entitled to any of my retirement and pension accounts since those are currently my only sources of income?

Do you have any marriage separation advice for a father preparing for divorce?

Answer:

I am not licensed to practice law in your state so I cannot offer legal advice on divorce or financial advice. However, I can give you a general answer that may be helpful to you.

The answer to your question depends upon a few things, including the length of your marriage and whether you were married while working at your employment that is paying you your retirement and pension.

In general, assets obtained during the marriage are deemed to be marital and need to be divided according to your state’s divorce laws. Some states are community property states and some states are equitable distribution states. (Learn the difference in how property is divided.)

Retirement benefits are likewise marital if they are gained during the length of the marriage, in which case they will need to be divided equitably.

Again, as I am unfamiliar as to the specific laws for your state, I recommend speaking to a lawyer licensed in your state to see what you can do to protect your interests in your assets as much as possible.

Cordell & Cordell has men’s divorce lawyers located nationwide. To arrange an initial consultation with Janet Yu Johnston, an Associate Attorney in the Louisville, Kentucky office, please contact Cordell & Cordell.

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