Preparing to untangle assets and divide marital wealth can be one of the most intimidating aspects of going through the end of a marriage. Individuals in Minnesota who are facing a divorce may have some concerns about how best to prepare for this part of the process. Seeking insight on vital topics to cover regarding complex assets such as pensions could be essential to preparing to make decisions based on what is most important to one’s future during the subsequent process.
Pensions in divorce
When it comes to pensions, one topic to cover might pertain to knowing how to tell if such assets are marital or separate property. While pension funds one earns prior to a marriage may be separate property, funds earned during a marriage will likely be deemed marital wealth. Even if a pension exists before the marriage, if one continues to receive contributions during the marriage, a portion of pension funds may be subject to the process of property division.
Those who wish to retain possession of pension funds during divorce proceedings might have the option to give up ownership of other martial assets in exchange. If one feels that dividing pension funds is the best path, knowing the steps to take to stave off tax fines and early withdrawal fees may be integral to protecting one’s interests. It may also be helpful to know that the rules regarding the role pensions will play in a divorce may be different when pertaining to government or military pensions.
Addressing one’s options
Pensions are common examples of complex assets that could play a substantial role in a divorce. While knowing how best to approach such topics can seem a stressful and daunting task, this isn’t something a person must go through alone. By consulting with a family law attorney, a person in Minnesota could obtain much-needed advice on every integral aspect of preparing to dissolve a marriage and assistance in preparing to pursue the most favorable outcome possible regarding his or her future during divorce proceedings.