Guidance Through The Division Of Retirement Assets
One of the most complex aspects of divorce is the division of property. It can be stressful to decide who gets what, and how to split up your assets. The process can be even more complex and expensive when dividing some of your most valuable assets, such as retirement plans.
Property division may be complicated but working with an experienced and knowledgeable divorce attorney can help you protect your assets and reduce your stress throughout the entire process.
We Are Here To Help You
At the law firm of D'Angelo & Grabow, we help you understand your rights and options to approach retirement asset division. We look out for both your short-term and long-term goals to protect your best interests. Our attorneys will guide you through the entire property division process with trusted and proven counsel.
We know that every divorce is different. That is why we make it a point to understand your individual needs and goals, so we can give you the support you need. You can call 262-278-0987 to discuss your specific concerns with us and learn more about dividing your retirement plans.
Helping You Understand The Basics Of Retirement Division In Wisconsin
There are many types of retirement accounts, including:
- Employer-sponsored plans, such as a 401(k) and 403(b)
- Individual retirement arrangements (IRA)
- SIMPLE IRAs, Roth IRAs and traditional IRAs
- Government retirement plans, such as 457 plans
- Employee Stock Ownership Plans (ESOP)
- Profit-sharing or money purchase plans
Almost all of these plans require different strategies to divide them between divorcing spouses. The employer-sponsored plans usually require a qualified domestic relations order (QDRO). This is a court order that gives a former spouse rights to obtain the retirement benefits in property division. Some plans, such as IRAs, may require an incident transfer.
Regardless of the type of retirement plan you have, we are here to help. We work with financial experts to determine the full value your benefits and protect your hard-earned retirement benefits.
How Community Property Laws Affect Your Retirement
Wisconsin is a community property state. This means that marital property is usually split 50-50 between spouses. Separate property, or property owned before the marriage, is not subject to division.
However, the two classifications of separate and marital property can make dividing retirement plans complex. What happens if you earned some retirement benefits both before and during marriage? Generally, the entire retirement plan is still considered marital property and divided equally between the spouses.
Guidance You Can Trust
You do not have to face the challenge of splitting your assets alone. It is important to work with an attorney who understands how to approach the division while still protecting your best interests.
We have over 30 years of combined experience assisting families through every aspect of their divorce. Our extensive knowledge can help you choose the best path moving forward.