The Impact of Future Planning
When a couple divorces after years of marriage, the division of assets can be complicated. This is especially true when it comes to retirement accounts. In a gray divorce, where one or both spouses are over 50, retirement accounts can be especially contentious. How are these accounts divided? Let's examine this through the lens of New York law.
New York Asset Division and Retirement Accounts
In New York, all assets acquired during the marriage are subject to equitable distribution. This means that the court will divide assets fairly and equitably, taking into account each spouse's income, earning potential, and need for support.
When it comes to retirement accounts, the court will look at several factors to determine how to divide the assets. First, the court will consider whether there was any pre-marital accumulation of the retirement account. If so, the non-contributing spouse may be entitled to a portion of the account.
Next, the court will look at whether either spouse contributed significantly more to the retirement account during the marriage. If one spouse did considerably more than the other, that spouse may be entitled to a greater share of the account.
Finally, the court will consider the needs of each spouse. If one spouse needs support, the court may award a larger share of the retirement account to that spouse.
If you are going through a divorce in New York and have questions about how your retirement accounts will be divided, it is important to speak with an experienced divorce attorney who can evaluate your unique situation and advise you of your rights.
Contact a New York Divorce Attorney
If you are considering divorce, it is important to contact a New York divorce attorney to discuss the division of your retirement accounts. Your retirement account is one of the essential assets to divide in a divorce. A qualified divorce attorney will ensure that your rights are protected and that you receive a fair share of the assets.
In addition to dividing your retirement accounts, a divorce can also significantly impact on your financial future. A divorce can affect your ability to obtain credit, your tax status, and your ability to accumulate wealth. A qualified divorce attorney can help you navigate these complex financial issues and protect your interests.