Denver Division Of Retirement Accounts Lawyers
When a couple divorces, the property they shared as a couple also needs to be divided. This applies not only to physical property like homes and cars, but also to financial assets like retirement accounts.
Under Colorado law, divorcing spouses are entitled to receive an equitable share of the other spouse’s retirement account. In order to ensure that retirement accounts are divided fairly, it is necessary to accurately determine the fair market value of the retirement asset. At The Law Offices of Rodger C. Daley and Associates, we protect our clients’ interests with the help of seasoned experts, who can unearth the true value of these assets.
Types Of Retirement Assets Eligible For Division
Retirement accounts have different methods by which they may be divided, depending on the type of account. The types of retirement accounts that are subject to division in a divorce proceeding include:
- 401(k) accounts
- IRA accounts
- Pensions
- Military pensions
- Trusts
- Profit sharing plans
- Money market accounts
- Stock options
- Public Employees’ Retirement Association (PERA) accounts
Through an exhaustive discovery process, we locate and determine the nature and extent of any and all retirement assets. It is essential to understand the value of retirement accounts and how they work. Our Denver retirement accounts division attorneys have a very strong understanding of the methods used to evaluate and determine the current fair market value of all types of retirement assets. We are able to ensure not only an accurate valuation of the account but a subsequent equitable division of the account as well.
Valuing military pensions is somewhat complicated. If you or your spouse is a member of the military, you may also have concerns about military medical benefits. Our family law lawyers have experience working with the administrators of military pensions and have the necessary skills to protect your interests in those assets.
Tax Issues And Divisibility
Some types of retirement accounts can’t be divided and distributed without triggering a heavy tax bill. Other types of accounts can be divided, but it’s often not as easy as splitting the account down the middle and creating two separate accounts. There are processes that must be followed, not just to determine the worth of retirement accounts, but also to ensure that the accounts get divided and accounted for properly. These can be complicated and confusing issues, for which you can greatly benefit from the guidance of an experienced lawyer. Our firm is knowledgeable in these divorce-related retirement issues, and can help navigate the necessary legal processes to make sure funds are divided fairly.
Contact The Law Offices of Rodger C. Daley and Associates
Our firm is committed to ensuring that our clients emerge from a divorce with a fair share of the marital property, including retirement accounts. In some cases, determining that fair share may require some investigation
Regardless of the type of account in question, our attorneys will take forceful action to protect your interests to the fullest extent of the law. Contact our office in Denver, Colorado, at 720-773-5708 to schedule a free initial consultation.