Asset division is one of the necessary tasks in a divorce. When people think of assets, they often think of tangible items such as real estate, vehicles, and expensive jewelry or art. However, divorcing couples usually have at least a few intangible assets, such as IRAs or pension plains. These things must be distributed equitably under Maine divorce laws. Due to their intangibility and tax laws, this can be a difficult process. When you have the knowledge of a seasoned Maine family law attorney on your side, rest assured, every step will be taken to get you what is rightfully yours.
Generally, each spouse in a divorce should receive half of the assets that were acquired during the marriage. However, if one spouse had a retirement or investment account for several years prior to their legal union, this can make the division of these assets even more difficult.
In most cases, the spouse who had the account will need to split what was earned during the marriage with the other spouse. Some investments may be considered separate property if they were purchased prior to the marriage and inactively remained in a separate account during the entire marriage. It is imperative that you have an attorney represent your interest so that you get what is equally yours when it comes to the division of investment and retirement accounts.
Taxes are another factor that can make the division of retirement and investment accounts challenging to divide. The tax implications of dividing assets like IRAs should be considered when the assets are divided. Unfortunately, the tax code does not explicitly address the possibility of couples transferring assets to each other without incurring taxes on appreciation. You need to be keenly aware of any tax consequences you will be subject to during and after the division of these types of assets. Your Maine family law attorney can help you understand them so that you can make the best decisions in your unique circumstances.
Retirement and investment accounts grow in value long before they are accessed. Even though many of these benefits were accrued over the course of the marriage, it could possibly be several decades before they are used. This fact provides choices about how couples wish to pursue their division, but it also makes the division more complex. One option is to wait until the benefits are paid out and collect your share then. The downside for some spouses is that it keeps them connected much longer than they prefer to be. Another option is for one spouse’s share to be discounted to its present value. Then the spouse pays it to the other spouse, or it is offset by additional assets.
The Maine Divorce Group has vast experience helping divorce clients fairly divide their investment and retirement accounts to their benefit. If your divorce involves these types of assets, don’t risk losing them. Instead, call us today to schedule your case review and find out how we can help.
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The attorneys at The Maine Divorce Group understand how emotional and complex the divorce process can be and we are here to help.
Call to speak with a member of our team today, who can discuss your case and set up a consultation with one of our attorneys.
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