How Are Retirement Accounts Split in a NH Divorce?
If you are going through a divorce in New Hampshire, you may very well have questions about how your property and assets will be split. While dividing cash and a house may seem relatively straightforward, how other types of assets – such as a retirement account – will be divided can be more confusing.
For legal counsel when pursuing a NH divorce, turn to the experienced advice of The Law Offices of Attorney Michael F. Mimno. In the meantime, consider the following about how retirement accounts are divided in a New Hampshire divorce–
How Property Is Divided in a Divorce
As found in Chapter 458, Section 16-a of the New Hampshire statutes, “property” is defined as all tangible and intangible assets, including things such as vested or non-vested pensions and retirement benefits.
The law reads that property must be divided in a manner that is equitable. Further, the court shall not presume that what is equal is necessarily equitable – one party may be entitled to a greater amount of retirement/pension benefits than the other for a variety of reasons.
How Does a Court Determine What is Equitable?
The same section of NH code cited above provides the court with a list of factors that are to be considered when determining equitable division. These factors include things such as the length of the marriage, the age and health of the parties involved, the future income-earning opportunities for each party, the tax consequences for each party; contributions made by one spouse for the benefit of the other; and more.
We know how important your retirement benefits and pension are. While the court may use the above factors to make a determination about how these benefits are to be divided, you and your spouse also have the opportunity to come to an agreement on your own outside of court through mediation and negotiation. If your retirement benefits are most important, a compromise may be struck if you are willing to concede another asset in exchange.
Further, if your retirement benefits – or some of those savings – were acquired prior to the marriage, then they may be considered separate property and awarded outright to you without having to provide credit to your spouse corresponding to the value of the separate asset.
Contact Our Law Office Today
At The Law Offices of Attorney Michael F. Mimno, we know what you are going through, and understand that you want to hold on to as many assets as possible once your divorce is concluded. We can represent you during negotiations with your spouse, and litigate for you in court if it comes to that.
To schedule a consultation with Michael F. Mimno, Family Law Specialist, today, call our offices today to set up a free consultation. We are here to advocate for you!