Birmingham Divorce & Investment Division Lawyer
If you are treated unfairly during your divorce, this only adds to your worries and perhaps causes anger. As part of your divorce and property division, your investments must be divided.
The first thing to do is to gather records of what you own jointly. These may include:
- Stocks
- Stock Options
- IRA's
- 401(k)s
I urge you to be honest and avoid hiding assets or spending accounts you both own. If your spouse is doing so, find out; you may be able to get a restraining order. If the divorce has already been filed, the court will scrutinize any financial transfers.
If you have valuable jewelry or other collections, put them in a safe deposit box. You may want to cancel any commonly held credit cards. Don't feel bad; you are sparing your ex the temptation of taking advantage of the situation.
You should speak to an attorney as soon as possible. I can uncover hidden assets and advise you on how to protect yourself and avoid getting into trouble with the court.
Retirement Benefits
Your ex is entitled to part of your pensions and other retirement accounts. A Qualified Domestic Relations Order (QDRO) is a court order notifying the administrator of the plan about an "alternate payee," that is, the ex-spouse of the "participant," in whose name the account is. The order establishes the percentage that will be paid to each spouse, and when it will be paid.
Taxes
In dividing up assets, I pay careful attention to the tax effects you might not have considered. Investments that have appreciated may have a tax liability that makes the split less than fair. I frequently refer my clients to a tax professional for a full evaluation of the tax implications of any divorce agreement.
Contact a divorce and asset division attorney who will take your situation as seriously as you do. I will look out for your best interests and get you through your divorce efficiently and effectively.
To schedule an appointment at my Birmingham office, call 205-822-9334 or fill out the contact form on this website.
