Will My Spouse Get Part of My Retirement Fund in a Divorce?
If you have a retirement fund and are getting a divorce, there are things you can do to protect your finances.
If you are in the process of filing for a divorce in Ohio, you may wonder what the fate of your retirement fund is. Normally, the assets accumulated from the day you get married are regarded as marital assets and subject to equitable division during divorce.
If you have a retirement fund like a pension, a 401(k), or an IRA, this account must be accounted for during your divorce. And if there is no binding prenuptial agreement that covers retirement funds, your ex-spouse will be entitled to a share of the retirement funds accrued during the marriage.
How to Deal With Retirement Funds During Divorce in Cincinnati, Ohio
You are encouraged to consult with a skilled Cincinnati divorce attorney to make sure you know how your retirement assets are addressed in a divorce. An attorney can help you understand how the available retirement funds should be divided during your divorce.
It’s worth noting that there are various types of retirement plans, each with its own rules and regulations. Having a seasoned divorce attorney on your side can help ensure you make the best decisions regarding your retirement funds.
How to Establish the Value of Your Retirement Fund
You can determine the value of your retirement fund by calculating the total value of its assets and other investments. Sometimes the value is listed on the statement provided by the financial institution that holds your retirement account.
However, values of pension accounts are not as easy to determine. Working with a seasoned divorce lawyer and financial expert is key to determining the value of your pension fund.
What If I Had an Existing Retirement Fund Before My Marriage?
If you had a retirement account started before you married and you can prove it, you will likely be able to keep that amount and any growth on it as your separate property during the divorce. A divorce attorney will help you determine how to deal with retirement funds you had prior to your marriage.
Will You Pay Taxes If You Obtain a Share of Your Spouse’s Retirement Fund?
In most cases, retirement funds are subject to tax when withdrawn. After a divorce, you will likely receive a share of your spouse’s retirement fund, and you will be responsible for paying the associated taxes if you take it out as cash. An attorney can work with you to determine the taxes associated with your portion of your spouse’s retirement account and help you avoid any unexpected tax bills.
Contact a Cincinnati Divorce Attorney Today
If you have a retirement fund and are getting a divorce in Cincinnati, there are things you can do to protect your finances. At Wagner & Bloch, we are ready to assist you. Contact us online or call (513) 751-4420 to learn your options.