Platteville, Wisconsin
15 West Pine Street
Platteville, WI 53818
(608) 348-9506

How Divorce May Affect Your Retirement July 9, 2018

Platteville, Grant
How Divorce May Affect Your Retirement, Platteville, Wisconsin

When dissolving a marriage, most people are understandably focused on protecting their parental rights, ensuring a fair division of property, and other immediate goals. However, it’s important to understand that the ramifications of filing for divorce often go much further and can impact your plans for retirement. According to Scott & Heenan LLC, divorce lawyers serving Grant County, WI, many retirement savings accounts are considered marital property and may be divided between the two parties upon divorce. They offer more guidance on the topic below.

401(k), IRA & Other Investment Accounts

Any money saved in a retirement account during the marriage is considered part of the marital estate and must be divided fairly between you and your spouse. In some cases, the savings accounts may be granted to one party in their entirety while the other receives property of similar value, or the court may decide to disburse a portion of the funds to each participant.

Employer-Sponsored Pension Plans

Idivorce lawyern some situations, one party’s pension plan may also be considered a joint asset. Depending on its current value, a divorce lawyer may recommend that one party buy the other’s interest in the pension or give them their share of benefits after retirement.

Social Security Benefits

In marriages lasting ten years or more, the lower-earning spouse may be eligible to receive a portion of their ex-spouse’s Social Security Retirement benefits until they remarry. Because they are subject to federal law, divorced individuals generally receive 50% of their former spouse’s monthly payments, although the actual distribution may be affected by the recipient’s income later in life.

For over 50 years, the divorce lawyers at Scott & Heenan LLC have been providing comprehensive and professional legal support to clients throughout the Grant County area. They understand how stressful and confusing dissolving a marriage can be and always strive to deliver the best possible outcome. Visit their website or call (608) 348-9506 to schedule a consultation with a divorce lawyer today, and follow their Facebook for more legal tips and professional insight.

Other Announcements, Events and Deals from Scott & Heenan LLC
When Should You File a Personal Injury Lawsuit? , Platteville, Wisconsin
If you’ve suffered an injury that’s partially someone else’s fault, you may be entitled to financial compensation to help you cover medical bills and more. However, not every ac...read more
FAQ About Hiring a Personal Injury Lawyer, Platteville, Wisconsin
Whether you’re in an auto accident, or you trip and fall on a broken step in a store, you may be entitled to damages if you sustain a personal injury due to someone else’s negligence...read more
What to Do If You're Cited for a Traffic Violation, Platteville, Wisconsin
From a driver stopped for speeding to a pedestrian ticketed for crossing against the light, several infractions result in a traffic violation. While many are tempted to write a check...read more
FAQ on Boundary Disputes, Platteville, Wisconsin
Many people use a fence to contain their property and mark the edges of the land. However, neighbors sometimes get into boundary disputes when putting up barriers or taking othe...read more
What Should You Look for in a Criminal Attorney , Platteville, Wisconsin
If you have a loved one that is facing a criminal charge, you should hire a criminal law attorney that is best equipped to represent them. Knowing what to look for simplifies yo...read more