Retirement Account Division Facts
Divorce in Massachusetts frequently leads to a massive loss of wealth and income. Alimony payments in our state are frequently long term or permanent and, when dividing retirement accounts, pensions and savings accounts, a misstep can lead to the preventable loss of thousands of dollars.
I am Boston retirement account division attorney Annette Baker, and as the founder and principal of Baker Law I have helped hundreds of clients protect their interests when dividing 401(k) accounts and other accounts during a divorce. I help clients understand what they are entitled to and responsible for under the law. I can use my years of experience and legal knowledge to raise and address important options and questions such as:
- How do you determine the value and future value of a defined benefit plan/defined contribution plan?
- What are parties’ life expectancies and how will they affect asset division?
- Will a buyout of accounts save money over splitting the accounts?
- What are the tax implications of various division options?
- Is it necessary and does it make sense to liquidate a 401(k) account?
I can quickly clear up confusion and then formulate a plan that makes sense, one that meets your needs and goals.
An Asset Can Be Valued Many Ways
Often, there are numerous ways to determine the value and future value of retirement accounts. I work with tax attorneys, actuaries and other professionals to determine the value of financial accounts down the road. I am familiar with all types of retirement accounts, from conventional 401(k), IRA and pension accounts to teachers’ 403(b) and others. As a mediation-centric firm, I always seek to bring people into agreement outside of the courtroom whenever possible. I feel this saves people time and money is much more private. Studies also show that people feel heard and valued when they go through mediation. While mediation works for many people it does not work and is not a viable option for some. When we meet and I hear your story I can tell you which option would be in your best interest. This is your divorce, your process. What you want is important.
Find Out What You Need To Know About Dividing Retirement Accounts In Divorce
Baker Law is located in Beverly’s Cummings Center. The Center is an award-winning restoration of the former United Shoe Machinery plant. The Cummings Center features free parking, easy access by the MBTA bus and North Shore commuter rail, and convenient access via routes 1-A, 62 or 128. I do accept all major credit cards. To arrange an in-person meeting call me at 978-922-2888. If you prefer, you can also send me a brief email that describes your situation.