It is an important question most couples rarely think about until their marriage falls apart. Most people spend their entire careers putting money aside for retirement and investing in various accounts or plans provided by their employers. But what happens to your nest egg when a marriage comes to an end? During a divorce, these accounts can be overlooked as assets held by the couple. Any money contributed to the fund and any interest accumulated during the marriage are considered community property and included in the division of assets. At the Law Offices of Stephanie L. Mahdavi, our skilled Westlake Village attorneys can provide you with the legal guidance needed to ensure that you are awarded all assets you are entitled, including retirement accounts, during the divorce process.
To find out what part of a retirement account you should be receiving in your divorce, consult with our Westlake Village law office today. Serving all of Ventura County, we help individuals through the entire divorce process.
If the accounts are in your name, you must fully disclose the current value of the account and all growth through the duration of the marriage. If the account is not in your name, it is important that you join the account to prevent the other spouse from liquidating the funds to gain an upper hand in the property division.
Accounts can include pensions, 401(k)s, IRAs, Roth IRAs, employee plans, stock options, and other long-term planning tools or investments. Each must be characterized as community or separate property, depending on the date the account was acquired. Even if the account was started before the marriage, if additional monies were earned during the marriage and added to the account, then the spouse will have an interest in this account that must be carved out and equally divided.
Our Westlake Village attorneys will work with financial professionals and forensic accountants to properly value these accounts and show the growth that each experience from the date of marriage to the date of separation.
When it comes to divorce, there are no winners. But there is plenty to lose including your retirement savings. It is vital to have a Westlake Village attorney to protect your rights and your best interests. Many people are not aware of the full value of these accounts and make decisions that undervalue the amount they could receive. Our Westlake Village attorneys will carefully explain the nature of each account, as well as its exact value, advising you on all options at your disposal in negotiating a settlement that protects your interests.
To schedule a consultation to discuss retirement accounts as well as how to divide a 401(k) during divorce, please contact our Ventura County law offices today at 805-379-4550.