When a Franklin area couple comes to the point where they believe their marriage is heading for divorce, it can be an emotional time. There are so many things that the couple needs to figure out, including property division.
Besides a couple’s home, their retirement accounts are often the next greatest marital asset. Separating retirement accounts in a divorce settlement is something a couple needs to work out.
Retirement accounts in Massachusetts are generally considered shared assets and are divisible among both spouses. The court will consider many factors when deciding how to divide the assets. These can include the length of the marriage, the age and health of the spouses, the amount of income and vocation of both spouses, the contribution of both parties to the home, among others.
A Qualified Domestic Relations Order (QDRO) will generally be required in dividing a person’s 401K, pension or defined benefit plan.
An attorney with experience in divorce can help herclient look past the emotions and consider the financial implications of a divorce settlement involving retirement benefits. If retirement accounts are not executed properly in the settlement it can cause financial issues and tax problems later on. An attorney who has experience in property division understands how important it is to properly divide these important retirement accounts and can help their client avoid any problems later on.
An attorney can be an asset for their clients during the divorce process. It can be hard for a person to think logically during the divorce process and an attorney understands that emotions can be high. They can work through a fair and just settlement for their client and their client will benefit immensely from the experienced legal counsel.