There may be many individuals who wish to take every possible measure to safeguard their financial futures after choosing to dissolve their marriages. With a variety of factors to address, preparing for the process of property division can seem a daunting task, especially for individuals in Pennsylvania who possess considerable wealth. Pensions are an example of a type of asset that might play a significant role in a high-asset divorce and knowing one’s options regarding such assets may prove vital to creating a strategy that aligns with one’s wishes and needs.
Pensions and divorce
A pension is a type of employment-related asset that may continue to grow over time and such assets can contain considerable wealth at times. While amounts earned in a pension before marriage might not be subject to property division, one’s spouse may be entitled to a portion of pension funds earned during a marriage. Properly valuing similar types of assets can also be somewhat complex in nature and it may be necessary to obtain a QDRO when dividing a pension, as this could help stave off potentially devastating tax fees and penalties.
It could be helpful to note that a person might be able to seek sole possession of pension assets during negotiations, especially if the other party also maintains a pension of similar value. One may also have the option to relinquish ownership of other marital assets in exchange for sole possession of a pension. Knowing how to identify and properly value all forms of marital wealth could prove integral to making informed choices about such options.
Making decisions about one’s future
As pensions may play a significant role in the outcome of a high-asset divorce, addressing similar topics may be essential to safeguarding one’s wishes, but it could also prove complex. Fortunately, some attorneys can address a person’s concerns and needs and provide much-needed insight on every integral aspect to cover while preparing a strategy for the subsequent process. An attorney can work with a client in Pennsylvania in developing a plan for divorce proceedings that best aligns with his or her future interests and needs.
