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Divorce & Retirement Accounts

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Divorce & Retirement Accounts In Minnesota

As the baby boomer generation nears retirement, they are likely to be constantly thinking about whether they will have enough money to live comfortably in retirement. Given the recent financial hardships being experienced by Americans, this can be a huge concern when couples over 45 file for divorce.

Now, instead of having two retirement incomes, they might only have one, and the retirement benefit could be smaller than they had anticipated with more expenses because the couple will being divorcing and living apart from each other. The financial impact can be significant and it is important that the property division is handled wisely during the Minnesota divorce process.

One thing that couples might want to consider when dividing property in a divorce is who will keep the house, or whether they might sell it and split the money from the sale if there is anything left over after paying the mortgage. They will also want to consider the allocation of any other assets, and any debt that was accrued during the marriage.

Additionally, couples might want to consider what they do with money that is split from retirement accounts and whether they have enough money t retire on. At a certain period they might be able to withdraw some money from these accounts without a tax penalty after a divorce. A divorce attorney can work with financial professionals to help advise the person on the best way to handle finances. They can also work to ensure the person has enough money to make it to retirement and will be able to sustain their lifestyle once they are able to retire.

Understanding and dividing retirement benefits and property in a divorce can be a very complex process. It is imperative that this be done in a manner that is fair and addresses the ongoing financial needs of both parties to the divorce. A divorce lawyer experienced in complex property division can be an essential part of making sure that these needs are addressed. You should hire an experienced family law attorney to help you with this type of issue.

If you need an attorney experienced with complex property division to answer more questions or represent you in a divorce, contact Priest Law Firm, Ltd. conveniently located to represent clients in Dakota County, Eagan, Lakeville and the surrounding area.

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