Your case matters. We commit our full resources and attention to a successful result.

Dividing retirement accounts in divorce can be tricky business

There is no doubt about it, experiencing a divorce can wreak havoc on one’s financial situation. As such, those in New York who are considering or currently working through divorce proceedings are likely to do everything they can in an effort to receive a fair settlement when all is said and done. When working through the division of monetary assets, there are a lot of questions and concerns that may come to mind. Help is available in order to ensure the best decisions are made.

One concern some may have is in regards to retirement accounts. Depending on one’s age or how much he or she has been willing to put aside throughout the length of the marriage, retirement accounts can be of substantial value. Overlooking these accounts could result in one spouse walking away from the marriage with far less than to what he or she may be entitled. However, splitting retirement savings accounts can be a rather tricky business.

There are a lot of rules that govern retirement accounts. Distribution policies and tax consequences vary based on the account type. These things will need to be taken into consideration before requesting that retirement funds be included in a financial settlement.

For those who do decide to pursue an ex-partner’s retirement accounts as part of divorce settlements, certain forms are needed. Failing to file the appropriate requests could only end up hurting the receiving spouse financially in the long-run. Those in New York can seek assistance from legal counsel when determining if it is worth fighting for the money in retirement funds. If it is, further help is available in filing the appropriate documents and in choosing the distribution options that will best protect the client.

Source: Fox Business, “Who Gets the Retirement Accounts in a Divorce?”, Aj Smith, Nov. 17, 2015

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

Although this will impact the in office and in person services that LIT can provide, we will still be working remotely from our homes to serve our existing clients and we will continue to serve the public on a remote basis with any new legal matters for which they may need assistance.

We as a nation have overcome great obstacles in the past and although the challenges that lie ahead of us as community, as a state, and as a nation are great, we will overcome them as our resilience as individuals, as a community and as a nation will allow us to prevail.

May all of you and your loved ones be safe and well .

Larkin, Ingrassia & Tepermayster, LLP

Should you have any questions please feel free to contact us at 845-566-5345

For more information regarding the COVID-19 virus please visit any of the following sites:

Centers for Disease Control and Prevention

NYS Department of Health

Orange County Dept. of Health

Ulster County Dept. of Health

For information and updates regarding court postponements or closings please visit:

NYS Unified Court System

9th Judicial District

3rd Judicial District