High asset divorce: Is your retirement plan safe?

On behalf of Stange Law Firm, PC posted in High Asset Divorce on Thursday, May 2, 2019.

Missouri residents may find themselves considering divorce for any number of reasons. Without a doubt going through a divorce is an emotional and life-changing experience. Nevertheless, there are practical matters — like finances and property division — to tend to. An individual facing a high asset divorce¬†will want to make sure his or her ducks are in a row.

Many people work for decades to accumulate savings for retirement. After so many long days grinding away at a job, a person may look forward to the day when he or she can hang up the nine to five lifestyle and enjoy his or her golden years with friends and family. When divorce proceedings occur, these assets may be at risk.

There are several ways a person can look out for the well-being of such accounts and assets. Experts give tips such as closing joint accounts that were shared with the other spouse, or rolling over one’s share of a joint 401(k) into another kind of account, like an IRA, without having to worry about taxes and penalties. In doing so, though, it’s crucial to follow the appropriate procedures. Certainly, high asset divorce can seem like a long and overwhelming process.

An attorney can help a Missouri client learn the ins and outs of how finances, property, and other material assets are handled during a high asset divorce. Together, a client and an attorney can navigate the legal process and come up with a plan in which the loss of a marital relationship need not be accompanied by the loss of all the things the client worked hard to accumulate. With so much at stake, it makes sense to secure professional help at the first opportunity.

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