Property Division: Dividing Financial Assets During Divorce
During a marriage, most couples work together to put money into their savings and retirement accounts. In some couples, both spouses contribute equal amounts. Other times, one spouse is responsible for funding the account. Regardless of who is contributing money, when a marriage ends, the 401(k) and pension must be divided between the two parties. It is critical this is done accurately, as property division settlements are rarely modified.
Generally, all marital property is divided equitably between the two spouses. In many cases, the characterization of what constitutes ‘marital property’ can be challenging. If you have questions about how your property will be divided, our lawyers can help explain the process and how it will likely be applied to your situation. At Miller & Calabrese, P.C., we can help make sure your property is divided equitably.
Preparing Qualified Domestic Relations Orders
When many retirement plans are transferred, a qualified domestic relations order (QDRO) must be prepared. Our attorneys work with individuals to make sure the interest and finances are properly transferred from one spouse to the other. We help clients determine how the account will be divided, who will get paid out and who the beneficiaries will be.
Many professionals who open their own businesses operate family businesses. Unfortunately, when a marriage ends, the repercussions may carry into the business. We work with business valuation experts, accountants and other professionals to value family-owned businesses during divorce.
Correctly determining how to divide retirement accounts and other investment assets is complex, but our experienced attorneys can help. Contact our office at 734-455-1230 or by using our online form.