Who will end up with the retirement money? There is no sure answer for
your particular circumstances apart from discussing your legal options
with an adept family lawyer. The bottom line:
New York is an
equitable distribution state. As such, neither spouse is owed a full half of all the marital assets,
including the retirement plans. Instead of an equal split, there must
be a "fair" split. What exactly is fair? That will be in the
discretion of a judge, or of a couple who is able to negotiate.
Couples get the chance to decide for themselves. Whether through an uncontested divorce or a mediated divorce, you and
your spouse could consult with your own lawyers, negotiate with one another,
and craft a satisfactory agreement. When it comes to something as important
as retirement, you want to keep the decision-making power if at all possible.
Consider which assets are more valuable to you. While your 401(k) is important, you need to weigh the tax repercussions
of this account versus your Roth IRA, for instance. On the other hand,
holding onto these liquid assets could be better than keeping the house.
As retirement funds are often exchanged for other assets in a divorce,
you need to determine which you would rather negotiate for.
Calculate what would be the best way to split funds. If you and your spouse will divide your retirement accounts, then you
need to look at your options, anything from a Qualified Domestic Relations
Order to a one-time massive payment.
Your financial future is a vital, but complex picture. Throw divorce into
the mix, and you have the potential for a financial wreck. When you need
to preserve your retirement through this legal procedure, finding the
right advocate can make all the difference. See how our Long Island divorce
lawyer has the acumen and tenacity you need when you
contact the Meyers Law Group, P.C. today!