Division of Property
Division of Retirement Funds, Pensions, IRAs, 401(k)s
It is difficult to imagine your marriage in terms of property and assets, rather than in memories and any children, but the division of property is an important part of divorce proceedings. Texas, as a community property state, can sometimes complicate the division of retirement accounts such as IRAs, pensions, and 401(k)s. If you are a spouse who worked as a homemaker while your spouse went to work every day, you are also entitled to a portion of these retirement accounts after your years of work maintaining the house, raising any children, and generally supporting your spouse. Contact an experienced family law attorney who can walk you through the division of assets during a divorce proceeding.
Retirement accounts such as IRAs, pensions, and 401(k)s can seem complex, especially in a community property state. Any funds which were included in retirement accounts during your marriage are considered community property since the funds were earned on behalf of a retirement that you would have also been a part of. In Texas, these accounts are normally split 50-50 during a divorce, but in some extreme circumstances, the percentage may change. Outside circumstances such as fault-based divorce, disparity in salaries or health, and custody of children are all factors for a court to take into consideration in determining the split of these accounts. A family law attorney can assist you in valuing and dividing these assets to come to a mutually agreed upon settlement.
If you were part of an employee benefit fund prior to the marriage, any funds that accumulated up to that point are your separate property and are not divisible through divorce. However, calculations are necessary for retirement accounts which were instituted prior to a marriage, but continued to accumulate income during the marriage.
Ned Gill III | Bellaire, Texas Family Law Attorney
If you are facing a separation or divorce and have questions concerning a retirement account, do not hesitate to contact attorney Ned Gill. Ned Gill is an experienced family law practitioner who has years of experience in handling all aspects of divorce proceedings. You are entitled to an even split of all retirement funds accumulated during the marriage, whether you were employed during the marriage or not. Ned Gill counsels clients in finding solutions to divorce issues relating to the division of IRAs, pensions, and 401(ks).