One of the most contentious matters of a divorce is the division of property, especially if one or both parties have many investments and high-value retirement accounts. Many divorcing couples are overly concerned about immediate financial matters - such as a house, car, or business - and fail to consider their long-term circumstances.
At John T. Fields & Associates, LLC, we help our clients in Milwaukee and throughout Wisconsin analyze their potential long-term financial circumstances beyond the divorce. Our Milwaukee divorce lawyer examines documents detailing investments, retirement accounts, and pensions in order to maximize a client's immediate and long-term financial future.
The share of 401(k) and Roth IRA funds that our divorce clients receive depends on the length of marriage, the amount of investments each party has, and other facts specific to each case. Federal law and individual pensions can affect the amount a spouse receives during a divorce. Wisconsin courts may not divide pension accounts in some cases. Our Milwaukee divorce lawyer can help determine whether you have access to your spouse's employment and military pensions.
Added tax and financial complications often arise when considering long-term accounts such as pensions, 401(k)s and Roth IRAs. These accounts are modified over the course of the marriage. Their ownership percentages may be contentiously argued in court. Dividing the investments in your favor requires financial knowledge and legal savvy beyond your average Wisconsin divorce lawyer.
If you and your spouse share rights to marital assets, our Milwaukee divorce tax attorneycan work to ensure you don't wind up paying someone else's taxes or early withdrawal penalties. Properly handling these accounts can have a significant effect on your income tax if you are incorrectly credited for earning money that your spouse is collecting. When applicable, John T. Fields & Associates, LLC can procure a qualified domestic relations order (QDRO) to protect you from having to pay money to the IRS for which your spouse is liable.
There are many ways to increase your share of investment or retirement accounts. Our Wisconsin family law firm uses experience gained over the past 28 years to maximize your share and protect your future when dealing with divorce. For more information on retirement pensions and pension rights, or to schedule an appointment with an experienced Milwaukee family law attorney, contact John T. Fields & Associates, LLC right away. Complete a free case evaluation form to get started!