IRAs Are Complicated Assets To Divide In Divorce
For many people in Atlanta and Northern Georgia, their individual retirement account (IRA) represents years of hard work and hopes of future financial stability. In divorce, therefore, it is natural for spouses to be concerned about keeping as much of its value as possible. However, IRAs are different from other types of accounts.
If your divorce may involve dividing an IRA, you will need experienced legal counsel. At The Siemon Law Firm, we focus on preserving the value within the account as well as advocating for your financial interests. If you seek reliable guidance, contact our divorce attorneys.
Minimizing Tax And Other Penalties Of Divided IRAs
With regular savings or checking accounts, a couple can typically withdraw a large sum during the property division process without incurring a significant penalty. However, IRAs are a unique type of retirement account, so dividing them will be different.
Removing a large sum from an IRA could result in hefty early withdrawal fees and tax obligations. Therefore, it is critical to work with a skilled lawyer.
Our experienced divorce lawyers partner with tax and accounting professionals in Georgia to ensure that our clients do not make a costly mistake. We can facilitate the transfer of funds to prevent value loss. We will also ensure that the divorce decree contains the right information, including the amount and date of the transfer.
Do Not Take Matters Into Your Own Hands
Divorce and IRAs both involve complicated laws, and they both have significant financial implications. Attempting to divide an IRA on your own can be risky.
The Siemon Law Firm can professionally advise you to avoid the common pitfalls of dividing IRAs. Call 770-888-5120 or email our firm for a consultation. We have conveniently located offices in Cumming, Atlanta, Alpharetta and Marietta.