Does Your Divorce Involve A Retirement Plan?
Many types of property can become points of contention during a divorce, but often retirement plans are among the most valuable — and therefore are frequently the subject of litigation.
Whether you personally contributed to retirement savings over the course of years, or your spouse contributed to a retirement plan while you contributed to the household in other ways, you need to know your rights, and you need a skilled divorce attorney on your side to protect them.
To discuss your concerns about retirement savings with an experienced and dedicated divorce lawyer, contact Westover Law Group in Murrieta today. We advise and represent clients throughout Southern California.
Division Of Retirement Savings
A common misunderstanding is that the spouse who personally contributed to a retirement plan is the only spouse with a right to the funds. This is not true in many cases.
In California, property and assets acquired during the marriage are regarded as community property, which is divisible between the spouses when the marriage ends. Retirement accounts are often regarded as community property, even if only one spouse funded the plan. Consequently, the value of 401(k)s, IRAs, pensions and other retirement accounts may be divided between two divorcing spouses.
However, a fair division of marital assets often requires a close look at retirement savings. For example, if one spouse contributed to the retirement plan prior to the marriage, the value of the plan on the marriage date may be regarded as separate property and thus excluded from property division, while the increasing value of the plan during the marriage may be subject to division.
In other words, retirement plans in many cases are partially community property and partially separate property.
Put Westover Law Group On Your Side
At Westover Law Group, we have extensive experience in these matters, including the determination of whether retirement savings should be regarded as community property or separate property. Whatever your situation may be, we will negotiate to protect your interests and seek a fair division of marital assets.
Founding attorney Andrew L. Westover is an accomplished trial lawyer who has represented clients with significant wealth throughout Southern California. To arrange a free and confidential consultation, call us in Murrieta at 951-894-8440 or contact us via email. We look forward to hearing from you.