Most people know divorce can be pretty expensive, but not many expect precisely
how much they will end up paying. Many states require equitable division
when people divorce, including Kentucky. Equitable division means both
spouses divide marital property as equitably, or fairly, as possible—which
doesn’t necessarily mean splitting everything exactly in half. Because
of this process, part of the marital property could be your 401(k), pensions,
and other retirement accounts.
Accounts that include money earned during the course of the marriage are
considered marital property and can either be divided or awarded all to
one spouse during the property division process. However, only marital
property is up for division; if a spouse paid into an account before their
marriage, that amount is considered their own, separate property.
If your retirement account is marital property, the participant spouse
has the option to either give their ex a share of the benefits or buy
out the non-participant spouse. A pension will have to be valued to determine
whether one spouse will keep the entire amount while the other receives
property in equal value, or whether both spouses will split its full amount.
Many opt for the latter option to avoid actuarial valuation of the pension,
which can be complicated.
Marriages lasting 10 years or more can also affect how much you get in
Social Security. If your marriage lasted that long, you can receive benefits
on your ex’s work record if the benefits you would receive based
on your own work record are less. You can earn these benefits as long
as you remain unmarried.
Property division tends to be one of the most complex aspects of divorce,
especially for longer marriages and a more substantial collection of assets.
If you’re interested in discussing the divorce process with an experienced
Bowling Green divorce lawyer, talk to
Attorney Pamela Bratcher today. She has nearly 30 years of legal experience to offer your case.
Let us see what we can do for you and your family.
Contact us at (270) 977-8910 or fill out our online form to schedule a case consultation today.