Going through a divorce can be a time that comes with significant uncertainty. As you look toward the next chapter in your life, many questions about your lifestyle and future need answers.
While married, you and your spouse contributed your earnings to a retirement account. At the time, you envisioned retirement together, but divorce means dividing assets as you look toward a different future.
Here’s what you should know about dividing retirement assets during divorce negotiations.
Louisana is a community property state, meaning courts will attempt to divide marital assets equally between you and your ex. However, it is important to remember that some assets are not part of the community property.
Typically assets that you acquired during a marriage are considered community property. Still, in the case of a retirement account, it may depend on which spouse contributed to the account, especially if that spouse acquired the account before marriage.
What happens with the retirement account?
The short answer for who will get the retirement account is, “it depends.” The court will look at a few details about the account, including:
- When you acquired the account
- Who contributed to the account
- Whether a pre-nuptial agreement covers the account
The account may be a blend of community and individual property, so the division of the account will depend on how much of the asset is community property.
A retirement account can be essential to planning your future after divorce. It is vital to get the support of an experienced advocate who can help you through the process.