Montgomery County PA Retirement Accounts and Divorce Attorney
How Will a Divorce Affect My Retirement Accounts?
Divorce is a difficult process that disrupts many of your life's plans and accomplishments. Among those are your retirement plans and savings. You worked hard to save. Montgomery County PA divorce lawyer Sheryl R. Rentz can help you preserve the retirement you deserve.
A Hefty Investment
When you were first married, you dreamed of spending a lazy retirement together enjoying the fruits of your life's work and maybe even grandchildren. Together, you stashed away some savings into a 401K or an individual retirement account, or counted on the pension of one spouse. Unfortunately, as your investments grew, you grew apart. Now you must divide one of the largest assets a couple acquires, your retirement funds.
Often one partner will work outside of the home while the other cares for children and does other household activities. It is easy to assume that the retirement funds belong mostly to the partner who brought home the income. In reality, your marriage was a partnership, and both of you were counting on those funds for your golden years. The retirement funds acquired during the course of the marriage can be divided in divorce.
The state of Pennsylvania considers a number of factors when dividing assets, including the length of the marriage and the independent financial fitness of each partner. Some states divide assets down the middle without consideration for circumstance. This makes Pennsylvania's laws fairer to both parties, but it also makes negotiating the division of retirement funds that much more complicated. It is essential to have a competent attorney by your side.
Normally, you cannot touch retirement funds before retirement age without penalty. Divorce is an extenuating circumstance that allows couples to make changes not normally allowed, penalty free. This means retirement funds can be re-distributed to accommodate the divorce agreements.
Protect Your Future with a Pennsylvania Retirement Accounts and Divorce Lawyer
Dividing Pennsylvania retirement funds can be difficult for all involved. If you were a stay-at-home parent who depended on your spouse for financial stability, you have a right to part of the retirement funds earned while you were married. If you were the bread-winning spouse, you need to make sure the divorce process does not decimate your finances. Funds acquired prior to your marriage are not available for division with your former spouse. You need a Pennsylvania lawyer to protect your rights and your future.
Sheryl R. Rentz Will Save Your Retirement
Call the Law Offices of Sheryl R. Rentz, PC today at (866) 290-9292 to help you through these important financial issues. We want to make sure you have the retirement you earned.
- Divorce in the Military: How to Divide a Pension
- Divorce’s Influence on Retirement Preparation and Social Security
- Financial Issues in a Divorce
- Mistakes to Avoid When Divorcing After Age 50
- Pennsylvania State Employees' Retirement System
- Pennsylvania Public School Employees' Retirement System
- Pennsylvania Municipal Retirement System