The divorce process can be difficult enough without you also having to worry about your financial health for the long-term. Many are worried their retirement will be left unprotected during the divorce proceedings and so it’s important to understand how the divorce law courts deal with retirement savings and the division of assets. Our team at our Mendocino County law offices are experts in divorce law and in our latest post, we highlight the process for dividing retirement savings.
How it works under the law
Retirement benefits accumulated by the couple during the marriage will be split equally during the division of property unless otherwise agreed by the couple. The couple must have some form of documentation proving an alternative agreement or be willing to agree to the division of assets within their divorce documentation. Without an agreement, the process of dividing retirement assets falls to the divorce courts and is negotiated through each side’s attorneys.
Tips for the settlement process
It’s important to work with experts at law offices in Mendocino County when negotiating retirement savings as part of a divorce. Our tips are the following:
- Don’t trade retirement benefits for other assets
One mistake many make is trading retirement benefits for other assets, for example, a house. However, the house has maintenance costs and other factors to consider while a retirement asset will only increase in value.
- Don’t agree before speaking with a lawyer
If you’re in the process of going through a divorce, don’t sign papers agreeing to the division of retirement assets before speaking with your lawyer at their Mendocino County law offices. They can ensure you don’t make mistakes in how you value your assets.
- Consider long-term care needs
When reviewing your retirement savings, it’s important to not simply consider the immediate future but the long-term. The retirement funds are supposed to help you enjoy your life after your working years and to ensure your safety when you have no other source of income.
Ukiah Family Law
Our team at Ukiah Family Law can help guide you in dividing your retirement savings during the divorce process. To discover more about the divorce proceedings and the questions to consider as you enter the process, call us today.