How are retirement accounts divided? – Patterson Bray PLLC

Transcript:
00:01
[Music] retirement accounts can be divided a number of ways in in a divorce In dividing retirement accounts or a home or any other asset it’s important to remember that not everything is exactly split 50/50 What we like to do in Tennessee is to value all of the marital

00:22
assets and kind of add them up And for simple purposes of this video if you have a 100,000 in assets 50,000 would essentially go to one spouse and 50,000 would essentially go to the other spouse Although there can be some subjectivity to those numbers If you’re able to do

00:39
that without dividing up retirement accounts that’s usually the best way to handle retirement accounts is pay one person their 50,000 without touching retirement accounts Any other type of retirement account can be done a little bit more simply If it’s an IRA you can

00:53
simply have the IRA rolled over to the other party through that IRA account holder So if you have an IRA at Erade for example we can simply go to Erade with your final decree divorce and say so much of this is supposed to be rolled over to the other spouse And so one what

01:11
I would say is to the extent you can avoid touching your your retirement accounts that is the best possible outcome And so we can move different assets around at the time of divorce to avoid doing that But if you must we do that with a qualified domestic relations

01:25
order So that way those accounts aren’t touched and you’re not paying any taxes or fees or penalties [Music]

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