Dear Attorneys,
Why do I need to keep contributing to my retirement account during the process of my divorce? I don’t want my soon-to-be ex-husband to benefit from it when he was the one who filed to dissolve our marriage.
Very Truly Yours,
Restless Retirement
Dear Restless,
That is an excellent question! When a divorce action is filed, there are Automatic Orders that go into place. Those orders protect both parties, and both parties must abide by them. These orders say that outside of an agreement by both parties, all marital finances must remain status quo. This does not just apply to retirement assets. In general, neither party can deplete marital assets, nor change beneficiaries of policies.
So while you most likely should continue to contribute to your retirement account as you have always done, your spouse should do the same. It is not that your soon-to-be ex-spouse will benefit from your contributions, but that you will both benefit from a fair and equitable divorce agreement where contributions from both sides are taken into account. The automatic orders also prevent withdrawals from retirement accounts unless they are either agreed upon, used to pay counsel fees, or used to pay daily/ordinary expenses.
With over 20 years of combined experience, Attorneys Kristen Wolf & Shari-Lynn Cuomo Shore will diligently work to ensure that your divorce agreement is fair and equitable to you. They will thoroughly review all financial documentation, equalize assets as necessary, and keep you apprised from start to finish.
Call us today, and let us make your divorce easier, not harder. Ever argue with a woman? Let Wolf & Shore Law Group go to work for you. Call us at 203.745.3151 or email us at info@wolfandshorelaw.com.
Very Truly Yours,
Wolf & Shore Law Group
