What You Need To Know About Retirement Funds And Divorce
When dealing with divorce, Michigan couples need to ensure that they understand the law when it comes to the division of retirement accounts ― after all, for many couples these accounts may be their largest asset.
At Bergmans Law P.C., we possess the experience needed to assist you when navigating this potentially confusing process. Attorney Henry J. Bergmans will not only take the time to answer any questions you may have regarding the division of retirement accounts, but will also ensure you fully comprehend the implications of any action you may take.
We Will Help You Find Solutions To Your Property Division Concerns. Call 810-222-5703 To Schedule A Free Consultation.
Splitting Retirement Accounts
In Michigan, any retirement benefits earned or saved during marriage will likely be considered marital property, and thus subject to division upon the end of a marriage. These accounts may include:
- Military pensions
- Federal government worker retirement benefits
Keep in mind, it does not matter if the account is in one spouse’s name or if only one spouse primarily contributed to the account over the years, it may still be split. Depending on the circumstances, dividing retirement assets in divorce can be complex, which is why it is best to seek the counsel of an attorney skilled in the area of Michigan property division.
Divorce In Long-Term Marriages
Over the last 20 years, divorces among those aged 50 and older have skyrocketed ― a phenomenon known as grey divorce. Given that many of these couples have been married for several decades, it is common for them to have significant retirement accounts totaling hundreds of thousands of dollars, or more.
For couples in this age group, there will be a significant impact upon retirement plans when a divorce occurs. It is essential that you receive skilled advice from an attorney familiar with your specific situation. The wrong decisions at this time could have severe lasting consequences.
Contact Bergmans Law P.C. For A Free Consultation
If you are considering divorce and have questions regarding the division of retirement accounts, contact Bergmans Law P.C. to speak with a knowledgeable Livingston County family lawyer. You can reach us online or by calling our Howell office at 810-222-5703.
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