How Are Assets And Retirement Funds Divided In Divorce?

Property division often leads to disputes during divorce. After years of marriage, it is painful to divide property which was acquired through joint effort, and determine which assets are considered separate property of one spouse or the other. An experienced family law attorney can help ease the process. After over three decades in family law, I understand how to divide property and assets in even the most complex cases. I will walk you through the process with both skill and compassion.

Fair Division Does Not Always Mean Equal

New York is an equitable distribution state. This means that all property obtained during your marriage may be divided in divorce. This does not necessarily mean property will be split evenly. As your legal representative, we will discuss several topics that may impact your divorce outcome, including each party's ability to earn income, custody concerns, inheritance, tax consequences and personal sacrifices made during marriage.

For example, one parent may stay home with the children while the other works. Often the full-time parent has made career sacrifices to offer personal and financial value to the household. Equitable distribution may not result in either parent receiving all of the savings, the car and the house. Both parties should receive a fair share of the joint property. Every family has a unique story and requires a personalized solution to divide property.

Maximize Your Retirement Assets

It is important to protect your retirement assets in divorce. Even small retirement accounts will build over time, becoming a major factor in your future financial comfort. Under New York law, retirement plans are subject to equitable distribution. This includes all forms of retirement plans and their benefits. The longer you are married, the more equally your retirement assets could be divided. Therefore, a retirement plan may be split 50-50 in a long-term marriage.

While retirement account distribution is often formulaic, the result will differ depending upon your unique circumstances. Retirement asset division is a flexible process, and therefore it is important to secure an experienced lawyer to best protect your interests. I can help you attain a DRO (Domestic Relations Order) or QDRO (Qualified Domestic Relations Order), which shields retirement assets from taxes during an account rollover. I can negotiate to help you maximize your retirement assets, and can also help you plan for the future with a post-divorce budget.

Schedule An Appointment Today To Begin Preparation

Call Fulop Law in White Plains, New York, today to schedule an appointment. I will guide you through the divorce and property division process. You can reach my office at 914-948-0945 or you can fill out our online contact form.