Splitting Retirement Accounts Through A Divorce
Last updated on September 17, 2024
Understanding how to divide retirement accounts can be crucial in maintaining your financial stability during a divorce. Your retirement account is not just one of your assets but also your future, so you want to be sure that you are doing your best to keep your fair share.
Our lawyer at Harry Lewis Co., LPA, in Columbus understands the hardships involved when you’re defending your best interests, and he can provide you with the guidance you need during your divorce. As he represents you, attorney Gregg R. Lewis, Esq., will also help you understand the details of your divorce as well as your options throughout the process.
Understanding Different Retirement Accounts
There are many different types of retirement accounts, and understanding what kinds are out there can help you ensure that you are accounting for all the possible accounts during your divorce. Common accounts to consider include:
- SEP-IRA and Savings Incentive Match PLan for Employees (SIMPLE) IRA: These are used primarily by self-employed individuals or small business owners.
- Roth IRA and traditional IRA: These accounts differ mainly in their tax treatment. Contributions to Roth IRAs are made with after-tax dollars, and withdrawals are tax-free, whereas traditional IRAs use pretax dollars, and withdrawals are taxed.
- 401(k) and 403(b): These are typically employer-sponsored plans. A 401(k) is offered by private sector companies, while a 403(b) is available to employees of nonprofit organizations and schools.
- Pensions: These are employer-sponsored plans that provide a fixed payout at retirement, based on salary and years of service.
- Ohio Public Employees Retirement System (OPERS), Public Employees Retirement System of Ohio (PERS), police and fire pensions, and military pensions: These are specific to public employees and military personnel, each with its own set of rules for division.
When our divorce lawyer guides you through your asset division process, he can help you understand your rights and will fight to see that you keep a fair portion of every retirement account you are entitled to. No matter how vast or modest your retirement accounts are, he will help you secure what belongs to you.
Contact A Trusted Divorce Lawyer
Do not underestimate the complexity of dividing retirement accounts by trying to split things on your own. Instead, allow our Ohio attorney to help you through all stages of your divorce. Call us at 614-721-6175 or email us here to schedule your initial consultation with our lawyer today.