One of the most significant ways to lose your retirement money is during a divorce. Divorces can play havoc with your personal finances. Not only does it mean going from a dual-income household to a single-income household, but it also requires dividing assets.
If your retirement money is at stake in the divorce, you need to speak to an experienced Jackson divorce attorney as soon as possible. Lawyers are used to helping people figure out what your spouse is entitled to during property division. They can also advise you on what to do during your divorce and what financial moves to make to rebuild your finances.
Likewise, if you and your spouse share joint accounts, make sure to close them and open your own. These accounts could include savings accounts, checking accounts, and credit cards. This will ensure your spouse doesn’t touch your funds after the divorce has begun.
Depending on the type of retirement account you have, the amount in the account may not be the amount you end up with after taxes. A traditional 401(k) is usually taxed once you withdraw the money, meaning you will see significantly less during retirement. Keep this in mind when your retirement comes under scrutiny for property division. If you can prevent your retirement from being dipped into, do so.
A skilled attorney can help you and your spouse negotiate during the divorce. Your account won’t be split 50/50. If you can negotiate sacrificing other things, such as your ownership of the house, you might be able to keep the full amount in your retirement account.
Talk to one of our skilled Jackson divorce attorneys about your case as soon as possible. We can provide you with insight into your situation, so you will understand what might be at stake in your divorce. Shows & Smith Law Firm PLLC is dedicated to helping each family we encounter find effective solutions to their legal issues. Let us see what we can do for you.
Contact us at (601) 809-4144 or fill out our online form to schedule a free case consultation with us today!