Keep an eye on retirement assets during your divorce
Couples going through a divorce need to be aware of the potential impact it will have on their ability to retire.
September 11, 2013 /24-7PressRelease/ -- Keep an eye on retirement assets during your divorce
Article provided by Law Offices of Matthew Schultz
Visit us at http://www.azfamilylawfirm.com-cancelled
When a couple is first married, they may be overwhelmed by all of the financial decisions that they will have to make together. They may wonder about buying a house or investments that they should consider. Whatever they decide to do, they need to be sure that they have planned properly for the future, or they could find themselves struggling to make ends meet.
Retirement planning is just one issue that the couple will need to think about, however, it might be the most important item that they will have to address over time. The closer the couple is to actually retiring, the more crucial these assets become. If the marriage experiences problems, these accounts will become a major focus during what can quickly become very complex property division proceedings.
When dividing assets in Arizona divorces, the court must first determine what items are to be considered marital property. This property must then be divided equally between the couple, as Arizona is a community property state. This will generally include the retirement accounts that were earned during the marriage.
Couples with a significant amount of assets may experience significant challenges during this part of the process. These accounts can take time to replenish after the divorce, and if the spouses are not careful, they may have to put off their retirement for a while. Additionally, if the individuals access these accounts before they retire, it could result in serious tax consequences.
In some situations, the parties may be able to come to an agreement by developing a creative solution to these problems. This will require the parties to have a complete analysis done of the property they own, and determine its value. Once this is done, the couple can make informed decisions about their future. This will help them be able to enjoy their retirement years, even after going through a painful divorce.
Many people have never been through a divorce before, and they do not understand the impact that a divorce will have on their future. They make decisions that serve simply to put the matter in the past, and only realize the harm they have caused after it is too late. These agreements can be impossible to change, which can leave people financially ruined if they are not careful.
You need to have someone looking out for your interests at this time. If you are considering filing for divorce, you should speak to an experienced family law attorney to create a solution that is specific to your needs. An attorney can advocate for your interests as you try to create an agreement with your spouse, and also protect those interests in the courtroom if a trial is necessary.
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