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Collin County Divorce Lawyer for Retirement

Prosper property division lawyer for retirement accounts

Attorney Helping Spouses Understand How Divorce Will Affect Retirement Savings in Frisco and Prosper

Baby boomers are divorcing at increasing rates, and when people divorce in their 50s or later, the division of marital assets is likely to affect their retirement lifestyles profoundly. Some of the most significant assets many couples have acquired during their marriage — and the most essential to financial health in the long run — are retirement accounts.

If the finer details of retirement benefits and the laws that regulate them are not carefully considered during the process of divorce, you may later discover that you have received less than the full retirement benefit that might have been available. You may find that you are living on your nest egg and have diminished it entirely by age 75.

The divorce lawyers at the Law Office of Linda Risinger have over 30 years of experience helping people plan for a healthy financial future after divorce with smart, strategic planning.

Dividing Retirement Funds During Divorce

In order to preserve those benefits and split them equitably, proper valuation and intelligent planning is critical. To value financial assets, we work closely with financial advisers, CPAs, tax experts, and others to develop appropriate strategies regarding our clients':

  • 401(k) plans
  • Deferred pensions
  • IRAs
  • Stock options
  • Military pension plans
  • Federal employee and civil service retirement plans
  • State of Texas pension plans
  • County pension plans

Just for Example …

You may have several different types of retirement accounts — a 401(k), a Roth IRA, or a pension or stock option plan. In addition to the value of these assets at the time of divorce, and their estimated value at the time of retirement, it is necessary to account for tax liabilities.

Or, consider this: If a couple has a $250,000 IRA and a $250,000 home, it is not necessarily wise to take the home and leave the IRA with one's ex-spouse. The future value of a home is difficult to assess, and with home ownership comes a number of unforeseen expenses, among other issues.

Understanding tax issues and having a clear assessment of the value of assets as well as one's retirement needs are key to a reasonable division of retirement benefits and other assets in divorce. It is important to seek legal and financial counsel in order to make thoughtful decisions regarding retirement and divorce.

Contact a Denton Divorce Attorney for Legal Help

We have the answers you need, and we have represented clients throughout Denton County, Dallas County, and Collin County for over 30 years. To schedule a free initial consultation, please call 972-294-6533 or contact us online. We assist with divorce-related financial issues in Prosper, The Colony, Frisco, Plano, Celina, Little Elm, Denton, and McKinney.

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