Dividing Your IRA
When you come to the law offices of Keith B. Schulefand, Esq., you get a proven divorce lawyer with extensive experience protecting complex retirement assets in divorce. This is a unique benefit when dividing retirement assets in your divorce, especially when it comes to individual retirement accounts (IRAs). It takes strategy and great attention to detail to properly divide an IRA, and attorney Keith B. Schulefand has the necessary skill to help you in all the aspects of this type of asset division.
Understanding The Transfer Incidents Of IRA Division
Both traditional and Roth IRAs require the same division tactics, even though Roth IRAs are worth more.
Dividing IRAs is a sensitive issue, and if it is not done properly can leave you with hefty taxes and an unfair property settlement. At the law offices of Keith B. Schulefand, Esq., we understand how to correctly divide retirement assets while preserving your finances.
The right way to divide IRAs is through a transfer incident. Transfers work similar to trusts. To transfer the assets from the retirement plan, you craft a document that legally places funds into your spouse’s ownership. Since the transfer is through financial institutions, you avoid taxation or review by the IRS.
Protecting Buffalo Families’ Finances In A Divorce
New York is an equitable distribution state, which means that courts divide all property fairly between spouses. Equitable distribution leaves plenty of room to negotiate a respectable settlement for both spouses in IRA division. At our law firm, we believe there are no winners or losers in a divorce. That is why we help you find the outcomes that everyone involved can live comfortably with.
At the law firm of Keith B. Schulefand, Esq., we understand that your finances and property are at stake in your divorce. Our attorneys create individualized plans to help you avoid tax consequences. We get it right the first time to protect your future.
Contact A Strong Legal And Financial Advocate
We have over 30 years of experience guiding divorcing spouses through asset division. Our attorneys can help you resolve all the issues involved in your divorce, including your financial holdings.