The decision to end a marriage is often one that is arrived at after a great deal of contemplation. While it may be a difficult choice, most couples who choose to do so come to the realization that it is in their best interests. Once the decision is made, they must then begin the divorce process, which includes the somewhat complicated step of determining how retirement accounts will be divided.
As Virginia state laws dictate, marital property must be divided equitably during a divorce. Separate property, assets that were obtained after the date of separation, as an individual gift such as an inheritance or before the marriage, are typically excluded from these considerations. For many couples, their most substantial asset is their retirement accounts, and their division could ultimately impact a person’s ability to retire as planned. These assets include VRS benefits, pension plans and traditional and Roth IRAs, among others.
However, the process can be complicated. A qualified domestic relations order may be required. Mistakes made in the order could ultimately have a significant financial impact. As such, many people seeking a divorce in Virginia want an experienced professional, such as those at Lutins & Pilgreen, PC guiding them throughout the process, working to ensure that no mistake is made.
The divorce process can be intimidating. The idea of moving to a single income situation can be enough to deter someone from seeking a more fulfilling situation. Fortunately, the team at Lutins & Pilgreen, PC can help people in Virginia seek a fair resolution, leaving them better positioned to meet their financial needs in the future.