Creating an equitable distribution of retirement assets can cause significant stress for divorcing couples, says the Cossitt family law firm
FORT COLLINS, Colo., April 5, 2022 /PRNewswire/ — The division of assets in a divorce, including pension benefits, can be a complicated matter. This can leave many people ending a marriage feeling confused and overwhelmed.
Although there are many similarities in divorce proceedings across the country, each state has unique procedures for couples considering divorce.
Also, various types of divorce require different filings and actions. Part of the process includes making decisions about custody (when children are involved) and the distribution of property and other assets.
Pension assets are allocated by category
Retirement benefits belong to different asset classes and should be managed accordingly.
“It is important to remember that different types of pension benefit plans may receive different treatment in the Colorado legal system”, lawyer Tom Cossett warns.
In defined contribution plans — like a traditional 401(k) or an IRA — the employee contributes to their retirement fund. Whereas in a defined benefit plan (like the PERA), the employer pays the employee a monthly allowance upon retirement. PERA and PERA 401(k), for example, both require that a domestic relations order be filed within 90 days of a divorce decree so that accounts can be split.
How to Streamline Divorce Filings and Protect Your Retirement Assets
“Preparation and speed are key in divorce proceedings. A lawyer can ensure that all necessary paperwork is completed correctly and filed on time. This can reduce the stress you feel throughout the process,” says Cossitt. .
Mistakes along the way can disrupt or even necessitate the complete resumption of divorce proceedings. An easy way to avoid this is to have established experts on your side.
“No matter how complex the situation, our legal team always puts our clients’ best interests first,” Cossitt says of his firm.
Having a divorce lawyer by your side means you can rely on their experience and knowledge to help you find the best solution during this drastic life change.
Divorce can be an emotional process for all parties, so it’s important to have a legal professional who can defuse and reframe tense situations.
About Cossitt Law Firm
Cossitt Family Law Firm offers its clients the well-developed expertise of their family law practice. Whether their clients are dealing with an uncontested divorce or one that needs to be dealt with in court, their team will be there every step of the way. With in-depth knowledge of divorce law issues in Colorado, Tom Cossett and his team strive to create the best results for their clients.
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SOURCE Cossitt Law Firm