Can Your Spouse Take Half of Retirement After Divorce?
It can be incredibly frustrating to work hard all your life only to be told that you’ll have to give half of it away. It doesn’t matter that this person used to be your spouse. Nobody wants to hear this sort of news. That’s why it’s better to have an Arizona divorce lawyer handle your case. They will push to get you the best possible outcome. They’ll also work hard to make sure whatever settlement you agree to is fair. If they can’t get your spouse’s attorney to listen to reason, they’ll wait until they get a chance to convince a judge of your position.
The truth is that nobody wants to wait and to to trial. Your attorney fees will continue to add up. In the meantime, you’ll likely be paying interim alimony and child support. You can’t do anything with your assets because you don’t know yet what will be considered yours and what will be handed to your spouse. When it comes to your retirement, the law can be a little tricky. Your Arizona divorce lawyer will try to negotiate an agreement that is fair. For this to happen, you need to call our office and speak to one of our seasoned divorce lawyers.
Is Your Retirement the Same as Your Pension?
A lot of our clients are confused about which assets are subject to equitable distribution and which are protected. They aren’t sure what happens to things like retirement, savings and a pension. People pray that these things will be theirs once the divorce is final. To be clear, there is a difference between your pension and your retirement accounts. Your pension is the monthly amount you will be paid from your final employer when you retire. Your retirement is what you have personally set aside for retirement while you were still working. The good news is that your spouse cannot take any portion fo what you had invested or earned prior to the marriage. But aside from that, you have to be realistic. Your Arizona divorce lawyer will do whatever they can. There’s a good chance that you’ll have to split these monies with your spouse.
Some People Use Their Retirement as a Bargaining Chip
One option is to use your retirement as a bargaining chip. For example, you may want to keep the marital home. Perhaps you could turn over all your retirement accounts to your spouse in exchange for your getting to keep the house. Alternately, if you don’t want to lose any of your retirement monies, you can offer the marital home instead. This could be a good idea if your investments are performing really well, and you fear that you’ll lose money by pulling these funds out. Your Arizona divorce lawyer will help you work out an agreement that accomplishes these goals.
Call and Talk to One of Our Arizona Divorce Lawyers Immediately
When you’ve worked for 20 or even 40 years, you deserve what monies you put aside for retirement. The last thing you want to do is hand half of retirement monies after divorce over to your ex-spouse. This is money you could’ve used when you retired. Maybe you wanted to use this to help fund your children’s college education. Unfortunately, the law ensures that both spouses walk away in a reasonably comfortable condition. It’s a good idea to call an Arizona divorce lawyer immediately so they can help you negotiate something that seems fair.