Creating an equitable division of retirement assets can cause significant stress for couples going through a divorce.
FORT COLLINS, CO, April 05, 2022 /24-7PressRelease/ — Dividing assets in a divorce, including retirement benefits, can be a complicated matter. It can leave many who are ending a marriage feeling confused and overwhelmed.
Although there are many similarities in divorce proceedings throughout the country, each state has unique procedures for couples that are considering divorce.
Further, various types of divorce require different filings and actions. Part of the process includes making decisions about custody (when children are involved) and the division of property and other assets.
Retirement Assets Are Split According to Category
Retirement benefits have different asset categories they fall into and must be handled accordingly.
“It is important to remember that different kinds of retirement benefit plans can receive different treatment in the Colorado legal system,” attorney Tom Cossitt warns.
In defined contribution plans — such as a traditional 401(k) or IRA — the employee pays into their retirement fund. Whereas in a defined benefits plan (like PERA), the employer pays the employee a monthly stipend upon retirement. PERA and PERA 401(k), for example, both require a Domestic Relations Order to be filed within 90 days of a divorce decree so the accounts can be split in two.
How to Streamline Divorce Filings and Protect Your Retirement Assets
“Preparation and timeliness are key in divorce proceedings. An attorney can ensure all the necessary paperwork is properly filled out and filed on time. This can reduce the stress you feel throughout the process,” says Cossitt.
Mistakes along the way can disrupt or even require restarting the divorce proceedings entirely. An easy way to avoid this is to have established experts on your side.
“No matter the complexity of the situation, our legal team always prioritizes our client’s best interests,” Cossitt says of his firm.
Having a divorce attorney on your side means you can depend on their experience and knowledge to achieve the best resolution during this drastic shift in life.
Divorce can be an emotional process for all parties, making it important to have a legal professional who can defuse and reframe tense situations.
About The Cossitt Law Firm
The Cossitt Family Law Firm offers clients the well-developed expertise of their family law practice. Whether their clients are dealing with an uncontested divorce or one that must be handled in court, their team will be there every step of the way. With profound insights on matters of divorce law in Colorado, Tom Cossitt and his team strive to create the best outcomes for their clients.
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