Mansfield Divorce Lawyer Discusses Dividing the Retirement Accounts
As an experienced Mansfield Divorce Lawyer, I am often asked if retirement accounts can be divided. Retirement accounts are considered a marital asset in a divorce. Whatever accrued during the time of the marriage can be divided.
A common issue when dividing a pension and retirement accounts is when someone might have worked for an employer for a long time, and they want to keep their pension at all costs. For instance, the person may want their spouse to have the house instead. The pension would need to be valued so it compares to the house value. The valuations are done by a specialist, they determine what the present value of that pension is. They do this by taking the number of payments expected to be made in the pension from the date the person starts collecting to the anticipated date of death.
Do you have further questions on how retirement accounts are divided in a divorce? Contact experienced Mansfield Divorce Lawyer Cynthia Hanley to guide you.
This informational blog post was brought to you by Cynthia L. Hanley, an experienced Mansfield Divorce Lawyer.