Sometimes, forever may last only a few years in marriage. When couples start to consider the topic of divorce, for any reason at all, it may signify the end of their “happily ever after” together.
Divorce can be one of the most painful and most difficult situations you will ever find yourself in. Not only do you now have to look out for yourself, but you also need to consider the possibility of fighting someone you loved for other things that you hold dear including your children, assets, and your retirement.
The chances that things may get ugly down the line exist and that is why you need to consider the options that are available to you as fast as possible and act quickly to ensure that your rights and interests are not trampled upon in a divorce proceeding.
As part of the divorce proceeding, one of the most prized possessions that spouses aim for during divorce is retirement and pensions. Surely, if you consider the number of years and work it has taken to build those accounts, you may not want to share and steps exist to assist in your efforts to protect your interests in your retirement accounts during divorce.
If you are wondering how to protect your retirement and pension, especially if your spouse has not worked and may be left without savings after the divorce, here are some tips on how to achieve this goal.
– A prenuptial agreement
If you are already married and considering a divorce, this option is not for you. However, if you are going into a marriage, you should consider all of the pros and cons of marriage and this may push you to visit a family lawyer to draft a prenuptial agreement for both parties.
A prenuptial agreement, is fashioned to protect both parties as well as their assets and financial future in case a marriage results in divorce.
Although many people do not want to consider a prenuptial agreement as it reminds them of the possibility that things may go sour in the future, it remains a great way for both parties to protect themselves as well as their finances. If you are getting a prenup, be sure to include plans for how you intend to manage your retirement in the event of divorce.
– Consider Oklahoma Family Law
As you begin the process of divorce in Oklahoma, a great way to ensure that you are kept abreast of how the proceeding can affect your retirement is to consider Oklahoma’s joint property and separate property laws and their impact on division of retirement accounts in divorce.
By educating yourself on how divorce cases are handled in Oklahoma and by inquiring about the outcome of cases similar to yours, you can better evaluate you next steps towards protecting your pension and retirement in your divorce proceeding.
You should also note that pension and retirement division during a divorce isn’t automatic as the portion that can be requested by the spouse depends on how long both parties were married and how long the account has existed. The value of an account prior to marriage is generally separate property in Oklahoma divorce proceedings and should be protected, if you obtain a competent Oklahoma divorce attorney.
– Seek alternatives
Many people would rather end their marriage and divorce proceedings quickly and easily so that they can move on with their lives. However, this may not be possible in many cases as both parties may be caught in some back and forth on asset sharing and other important topics. If you wish to keep your pension and retirement intact, you may have to offer an alternative that’s worth the portion of your retirement or pension that has been asked for; however, this may end of saving you substantial amounts of money due to increase and future value of your retirement account.
In most cases, people will often trade their share of other marital properties like homeownership to keep their retirement intact.
– Seek legal advice
The most important thing throughout the process of divorce is keeping yourself protected and that is more reason why you need to have an Oklahoma divorce attorney, experienced in division of assets and retirement accounts, to consult on how to manage such problems as division of retirement. Your attorney may be able to work an angle that will help you to keep the entirety of your pension and retirement while also ensuring that you do not lose too much in the process.
Contact – Cannon & Associates: Oklahoma Fierce Advocates for Family Law and Divorce Cases
At Cannon & Associates, our attorneys understand that keeping your retirement intact during a divorce is important to you and we offer the help you need to navigate the complex world of divorce and family law.
Founder John Cannon has been recognized as a Super Lawyer and our entire team is dedicated to Fierce Advocacy for every client we serve. Contact Cannon & Associates by completing the CONTACT FORM ON THIS PAGE NOW or CALL at 405-657-2323 for a free confidential case evaluation.