Once you have settled on the decision to get divorced from your spouse in Texas, you are immediately faced with the often-arduous task of separating everything you have ever shared. This includes everything from financial accounts to family heirlooms. At Laura Dale & Associates, we have helped many couples through the legal process of dividing shared assets.
One of the most important and potentially complicated assets that you and your spouse will need to split are any shared retirement accounts. Getting your fair share of the net worth is critical to your stability and preparation for the future. Being too hasty or not pushing enough for a fair settlement could ultimately affect your ability to live comfortably in the future. According to time.com, some of the things that you can do to actively ensure the protection of your retirement assets include the following:
- Immediately make modifications to who you have listed as beneficiaries on all legal documents.
- Understand how to properly label and disclose information about your distribution to notify the IRS. Doing so will eliminate costly penalties in the future.
- Be aware of the individual tax consequences on the various types of retirement accounts you may have.
- Try to remain flexible and willing to negotiate with your former spouse to give yourself the best chance at receiving a fair settlement.
When you implement these tips into your practice as you work to protect your retirement funds, you can put yourself in a better position for the future. For more information about divorce, visit our web page.