Dividing a Premarital Retirement Account
If you are going through a divorce, you may be worried about a lot of things. Dividing up your assets may be making you anxious. As an office that handles dozens of divorce cases, our Saratoga Divorce Attorneys are used to people coming into our office and asking about diving up their assets. A common concern we get is regarding diving up premarital retirement account money. Keeping in mind that separate property is taken into consideration, here is what you should know about dividing up your premarital retirement account.
If you had a 401K or profit sharing plan prior to your marriage, the funds that were in that plan prior the marriage remain your separate funds. In other words, that money will not be divided in the divorce. Sometimes, issues may arise around what happened to the portion that was premarital versus what’s gone into the plan since the marriage. For example, if you had a sizeable sum invested in the plan, that sum may have appreciated in value. Then, if you put additional funds into your plan and those funds also appreciated, it may be necessary to hire an expert who can make the appropriate calculations and help determine what portion of the plan remains separate property and what portion is considered marital. Those experts can calculate specific amounts and furnish hard and fast totals that will assist in properly – and fairly – dividing your plan.
Are you looking to divide a premarital retirement account because of divorce? Contact dedicated Saratoga Divorce Attorney Jean Mahserjian.
The law office of Jean Mahserjian, Esq., P.C., strives to provide timely, cost-effective services while maintaining the highest standards necessary to achieve our clients’ goals. We will be happy to answer your questions and schedule an initial appointment at our Clifton Park office. You can also schedule an appointment by contacting us online.