If you’re getting divorced, there are a lot of things you have to consider. One of them will be how to ensure the fair division of assets between you and your former spouse. Sadly, the greater the overall assets of your marriage, the more likely it is for issues to arise.
Colorado is an equitable division state. Instead of simply splitting all marital assets in half, a judge will typically look over the finances and family history when deciding how to divide your marital assets.
One form of assets that can quickly complicate your divorce is retirement accounts. Obviously, you don’t want the fact that you got divorced to impact your ability to enjoy retirement. Sadly, without careful planning, that could be a possibility. If you believe you will soon be going through a high asset divorce, you need to speak with an experienced Colorado divorce and family law attorney as soon as possible. Your attorney can help you decide how to approach these assets and can protect your finances and your future during a divorce.
Retirement accounts can be difficult to divide during divorce
Unlike other assets, such as bank accounts, which are relatively straightforward, retirement accounts and pensions can be complicated to divide. Typically, the courts will consider all fees and taxes when dividing retirement accounts. Even if one spouse did not directly contribute to the retirement accounts, the courts will typically share then between spouses. The main exception to that rule is when there is a prenuptial or post-nuptial agreement excluding the retirement accounts or pensions from division. Otherwise, the courts or your attorneys will embark on the complex process of dividing the accounts.
If you stayed at home, caring for the family and your property, you may not have directly contributed to the retirement account, but you helped create the situation that allowed for your spouse to save for retirement. You deserve a portion of the retirement accounts as well, especially if you are close the age of retirement. Just because you didn’t earn a salary throughout those years doesn’t mean that the work you did for your family and your former spouse didn’t have value. An attorney can help you demonstrate that value to the courts.
Protect your financial future
Divorce often results in messy finances. With the right divorce and family law attorney, however, you can protect yourself from the worst financial fallout of a divorce. Legal advocacy will guide you through the process of asset division, including the critical process of minimizing taxes and fees on the early withdrawal of retirement funds.