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Salt Lake City Retirement Accounts Attorney

Salt Lake City property division attorney for retirement accounts and pensions

Trusted Salt Lake City Retirement Accounts Attorney For Clients Throughout Utah

One of the most critical issues when going through a divorce involves determining how the couple’s assets will be divided. Marital assets may include any types of retirement accounts in either spouse's name. At Collins Rupp, P.C., our attorneys are skilled at negotiating divorce settlements that protect our clients’ financial futures. Once those negotiations are complete and the settlement is in place, our legal team will also assist you in drawing up any documents required to implement the court-ordered division of those accounts.

Identifying and Valuation of Retirement Accounts

There are several different types of retirement assets that may need to be addressed during a divorce, including pensions, Individual Retirement Accounts (IRAs), and 401(k)s. The first thing our divorce attorneys will do is identify which accounts should be deemed marital property that is subject to division. Some of the factors that are considered in determining the value of these accounts include the contributions made during the marriage, investment growth, and any applicable vesting schedules.

Once all marital funds in retirement accounts have been identified and valued, they can be considered when dividing marital property through equitable distribution. Under this principle, marital assets are divided fairly, but that division does not necessarily need to be equal.

Depending on a couple's assets, one spouse may retain the entirety of a retirement account, while the other spouse may receive assets of equivalent value, such as equity in the marital home. If necessary, the funds in an account or the pension benefits received by one spouse after retirement may be divided between the parties.

Qualified Domestic Relations Order (QDRO)

In order to divide pensions, 401(k)s, and certain other types of retirement accounts, it is usually necessary to create a Qualified Domestic Relations Order (QDRO). A QDRO is a legal document that provides instructions to the retirement plan’s administrator, specifying the percentage to be allocated to each spouse and when the distribution should take place, according to the divorce settlement. If a retirement account does have to be divided, our divorce attorneys can assist you with this process.

Our divorce lawyers will also ensure that you are well informed about any potential tax implications that can occur from dividing retirement accounts. While transfers of retirement funds between spouses during a divorce usually do not involve any tax implications if properly executed through a QDRO, it is critical to be aware that early withdrawals or distributions from an account may incur taxes and penalties, so careful planning is necessary to minimize tax liabilities.

Real Estate Investments

Many people invest in real estate, using the profits from income properties as a way to fund their retirement. Generally, any property acquired during the marriage is considered marital property that is subject to division, while property owned before the marriage or acquired through inheritance or gift may be considered separate property. However, there may be exceptions to this classification.

If you and your spouse have any investment properties, and there is a question over whether these properties are marital or separate, our divorce attorneys will work with financial professionals to determine if there was any commingling of assets or what contributions were made by both spouses during the marriage. We can help ensure that your financial interests will be protected as you determine how to handle ownership of your investments.

Contact a Salt Lake City, UT Retirement Account Division Lawyer

The division of property and assets in a divorce can be difficult, but having a skilled attorney from Collins Rupp, P.C. representing you will ensure your financial interests are protected during the entire divorce process. The attorneys from our firm have built a solid reputation for being skilled negotiators, but we will not hesitate to litigate a case if the other party refuses to negotiate in good faith. Contact our office at 385-777-2753 to schedule a free and confidential consultation and find out how we can get you the divorce settlement you deserve.

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