Some Maryland residents spend their entire career - several decades or longer - saving for retirement. By the time they retire, they may have amassed a large sum of money - perhaps millions of dollars. But with the recent trend toward divorce late in life, this money may not be totally secure. Retirement plans such as pensions, stocks and 401(k)s are considered assets in a divorce, so these accounts are subject to division. This means that the other spouse may be able to claim his or her fair share should the marriage end. Read on to find out more about what happens to retirement plans in a high asset divorce.
Posts tagged "401(k)"
Maryland couples who have been through a divorce can attest that the process can be very expensive. In order to save as much money as possible, some couples may try to settle everything without help from a lawyer.
No matter how long a Maryland couple has been married, a divorce can still be emotionally draining. Divorces, however, are often easier when the couple has only been married a year or two. After this short amount of time, most couples do not accumulate much in terms of assets. They probably do not have kids together or even a house. However, when couples have been married for decades and suddenly divorce, things become more complicated. A lot can happen in that length of time. Couples may have started businesses, or accumulated collectibles and other assets of value. There are many types of property potentially involved in a high asset divorce.