Finances are one of the most contentious aspects of divorce, as each party believes he or she is entitled to a specific amount of assets. Very rarely does the divorcing couple completely agree on what each person should have, and this is even truer for retirement accounts. If you are getting a divorce in the state of Iowa, your retirement account and pensions are liable to be divided with your ex-spouse.
Retirement accounts and pensions are divided according to a number of factors. These assets are divided into two categories: marital property and separate property. Whatever is decided as yours to keep will be left alone, including what you earned before you were married. The rest of it will be divided between the two of you, though this does not mean it will be divided evenly if you do not wish it to be.
If you and your spouse agree to divide the account, or if it must be divided due to a lack of a marital settlement agreement, there are specific federal laws to be followed. For example, depending on your age, you can withdraw from your plan and give a portion of it to your spouse, without having to pay the 10% penalty required of most.
As you can see, there are a lot of moving parts to this situation, and the most accurate answers can be given after a thorough consultation. If you are in the midst of a divorce and are concerned about the fair distribution of assets, particularly retirement accounts, look no further than our legal team at The Law Offices of Mark. R. Hinshaw. We will ensure you are taken care of following your divorce, as it is essential you don’t lose out on some of the most valuable property you own.
Contact Our Des Moines Divorce Attorneys
At The Law Offices of Mark. R. Hinshaw, we know divorce is something you never intended on experiencing, which is why the entire process is probably the most stressful, painful, and complicated thing you’ve ever endured. Luckily, when you have our Des Moines divorce attorneys on our side, you don’t have to worry about how to proceed to ensure you and your assets are taken care of--we will handle all of the legalities and complexities for you with ease.
Call (515) 200-7571 to speak to a Des Moines divorce attorney today.