Dividing Retirement Benefits In A Divorce
If you are worried about the division of your retirement accounts, pension, inheritance or other investments during a divorce, it is important that you speak with an experienced family law attorney as soon as possible regarding your rights. The issues of separate vs. martial property can come as a shock for some people. Our lawyers will give you honest expectations about what the law says and what may come down the road.
Whether in mediation or through litigation, the divorce lawyers at Marrs & Terry, PLLC, place a high premium on the best interests of our clients in family law matters. Contact our firm to schedule a consultation and get advice on the legal issues that may be affected by your marriage or divorce.
What To Know About Dividing Your Pension And Inheritance
Individual pensions and retirement accounts, such as 401(k) plans, that have increased in value during the course of the marriage may be subject to division. Inheritances are generally not subject to division, even when one spouse receives the inheritance during the marriage. If a spouse deposits that inheritance into a joint bank account, for example, that may convert that to marital property and may be divided in a divorce.
Retirement benefits may be discussed and settled between the parties. If the parties agree to divide retirement benefits, that may be accomplished through a present-day valuation buy-out or through a division into two accounts. A qualified domestic relations order may be required to transfer a share of retirement funds from one spouse to another.
Put Our Experience To Work For You. Contact Us Today.
The family law attorneys of Marrs & Terry, PLLC, can discuss these and other factors in your Michigan divorce with an experienced lawyer. Call us toll free at 734-663-0555 or e-mail the law firm to schedule a consultation.