How is a retirement account divided?

By Arin Fife
May 11, 2017
How is a retirement account divided?

When dividing assets the client must really consider whether to divide the retirement account either by dollar amount or percentage or to negotiate a trade-off of the types of assets such as the marital home. However, the client must really be cautious when contemplating a trade-off of this type. Considerations should be made for things like taxes. For example, a defined contribution retirement account will be taxed as income when the funds are later withdrawn. However, the home's net value is really in after-tax dollars. Those tax implications have to be considered when dividing the retirement accounts.

Arin Fife is a family lawyer at Boyle Feinberg, P.C. in Illinois. To learn more about the firm, visit Visit their firm profile here.

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May 11, 2017
Categories:  FAQs

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