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Milwaukee retirement account division attorneysSplitting assets in a divorce can be a stressful process. In many cases, retirement accounts are some of the most valuable assets owned by a couple, and as with other marital property, they should be divided equally between spouses. Even if you do not expect to use the funds in your retirement account until many years in the future, it is still considered a marital asset that is measured by its current or predicted value. Unless your retirement accounts were established prior to your marriage or are protected within a prenuptial or postnuptial agreement, they will need to be split 50/50 between you and your spouse.

Addressing Common Types of Retirement Accounts

The three major types of retirement benefits that may need to be divided during a divorce include:

  • IRAs - An individual retirement account that can house a wide variety of financial products, including stocks, bonds, and mutual funds. 
  • 401(k)s - A 401(k) plan is a company-backed retirement account that employees can contribute to. In many cases, employers will match a certain percentage of an employee’s contributions.
  • 403(b)s - A 403(b) is a retirement account for certain employees of public schools and tax-exempt organizations. Those who may have a 403(b) account include teachers, school administrators, professors, government employees, nurses, doctors, and librarians.

Splitting Retirement Accounts

Retirement savings can be split in one of two ways:

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