Dividing Retirement Accounts in Virginia Divorce One of the biggest assets that we divide in divorce are retirement accounts. Whether we’re talking about IRAs, 401(k)s, 403(b)s, pensions, stock options, TSPs, or any other type of account, if they were earned during the marriage, they’re marital property and subject to division in any action for divorce. Retirement is actually (usually!) an easy area of law, because a formula is applied. You’re entitled to 50% of what was earned during the … [Read more...]
Should I liquidate my 401(k) to get back on my feet after divorce?
Divorce puts many a woman in a pretty tough spot financially. It can be hard to get your feet back under you afterwards, and it's tempting to think of any place where you might be able to skim a little money oft the top in an attempt to reestablish some degree of normalcy. In virtually every case, there's a measure of cutting back involved. After all, when you were married, you had a certain level of income, whether it was one or two, supporting all of you in one household. Once you separate, … [Read more...]
Dividing Retirement Accounts in Divorce
Dividing Retirement Accounts in Virginia Divorce Divorce is complicated because it touches on so many different things. Of all the things that come immediately to mind – like child custody, spousal support, and the marital residence – retirement is one of the biggest and most important elements of your divorce. Men often like to say that their retirement is their own because they earned it. Sometimes, they even work really hard to spread misinformation – like that their spouse isn’t entitled … [Read more...]
Dividing Retirement in Divorce
There’s a common misconception that, without exception, after divorce each spouse will walk away with 50% of the retirement accounts. The reality is just a teensy bit more complicated than that. You should definitely know, ahead of time, what your marital share of the retirement accounts will look like. First, let’s take a look at the formula… Here’s what it looks like: Number of years employed during the marriage ________________________________________ x 50% = marital share Total number … [Read more...]
