Dividing marital assets is one of the hardest parts of the divorce proceeding. Tempers can become quite heated as each party is trying to determine what is theirs and what needs to share with their former spouse. This becomes even more difficult when the division is concerning retirement benefits.
In companies that offer retirement packages, there are often options for borrowing against the contributions made to the plan. A fair and just division of the debt can prove difficult during the division of debts and assets in a divorce. The first thing Austin divorce lawyers must consider is the amount of the loan, what the money was used on, and how it has impacted the overall value of the marital assets. The next consideration is the amount that needs to be repaid on the loan and who will be responsible for the loan payments. Both parties in the divorce can become quite contentious about this during the division of assets and debts.
The timing of the contributions to the retirement fund will also impact the amount that will be divided between the two parties. Contributions made prior to the marriage would not be considered marital assets and not subjected to the divorce. If contributions have been made into a retirement account that is subject to division on divorce, experts may need to be called in to review deposits to the retirement accounts throughout the course of the marriage, minus any contributions and interest earned prior to the marriage, and determine a final marriage asset value.
Divorces can be really messy. There are a lot of emotions involved in a divorce, with most of them being unpleasant. Dividing up marital assets can cause tempers to flare. It is important to work with experienced divorce attorneys like Nunis & Associates so that the divorce negotiations remain professional and everyone is treated fairly during the settlement process. Call 512.236.9696 and speak to an Austin divorce lawyer at Nunis & Associates about your case today.