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.
At the law firm of D'Angelo & Grabow, LLP, we can 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 us to discuss your specific concerns with us and learn more about dividing your retirement plans.
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 the right 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 of your benefits and protect your hard-earned retirement benefits.
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.
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.
Call our Waukesha office or email our firm to discuss your property division concerns with one of our experienced lawyers today. We offer free 30-minute consultations.