A lot of individuals save for retirement during their professional lives, anticipating that such funds would provide financial assistance after retirement. However, in cases where married couples divorce, their retirement funds are frequently deemed communal property and are subject to division as per the court's discretion.
Texas follows the community-property doctrine, which implies that any property obtained by either spouse throughout the marriage is deemed equally owned by both parties. This encompasses real estate, earnings, and retirement funds, while assets classified as separate property through a prenuptial or marital agreement, personal injury compensations that do not represent lost wages, gifts, and inheritance are excluded. As per the Texas Family Code, during divorce proceedings, the courts will allocate community property in a fair and equitable manner, while the separate property of each spouse will usually remain separate.
Retirement funds refer to money contributed to 401Ks, IRAs, pensions, deferred compensation accounts, and other retirement plans. If all contributions in a retirement account are made or accrued after the date of marriage, both spouses are likely to be considered as joint owners of the community property, regardless of whose name is on the account or whose income contributed to the account. Conversely, if the funds were deposited before the marriage date, they will be considered separate property.
As most individuals initiate retirement savings before marriage and continue contributing throughout their married life, retirement funds often include separate and community property. Therefore, dividing retirement funds can be complex in Texas divorces, requiring the assistance of forensic accountants and other experts to testify on the value of separate and community property.
The attorneys at Wilson Whitaker Rynell have extensive experience in handling divorce cases. By retaining our services, we will prepare compelling arguments on your behalf to increase the likelihood of obtaining a favorable outcome. Our firm represents clients in divorce cases in various Texas cities, including Dallas, Austin, Houston, Fort Worth, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.
Getting in touch is easy. Use the form below and request a free consultation today.
In order to best prepare yourself during the divorce process, it is vital that you have a
qualified divorce attorney by your side. Our divorce law firm is dedicated to providing knowledgeable, professional, and effective legal counsel for all types of
family and
divorce matters. When you work with our experienced Dallas family law attorneys, you can trust that we will have your best interests in mind.
The first step in splitting retirement accounts will be to calculate the value of the account compared to the entire marital estate value.
Recognized in the legal industry as dedicated board-certified lawyers and Rising Stars.
Your project will be handled by legal experts every time. You will have the most experienced attorneys working for you.
Let's talk about your legal issue
Wilson Legal Group P.C.
d/b/a Wilson Whitaker Rynell
(972) 248-8080 (Dallas) MAIN OFFICE
(713) 830-2207 (Houston) Appointment Only
(512) 691-4100 (Austin) Appointment Only
For more information on how we can assist in your intellectual property, commercial litigation, divorce, or other personal needs, let us know how we can help you:
WILSON WHITAKER RYNELL
Thank You for Contacting Us!
Your information has been sent, and we will contact you shorlty...issues.
WILSON WHITAKER RYNELL
Oops, there was an error sending your message.
Please try again later.
Disclaimer:
This form does not establish an attorney-client relationship, and should only be used to contact the firm about scheduling a call or meeting. No confidential or sensitive information should be sent using this form.
We represent clients nationwide, including Dallas, Austin, Houston, and other Texas areas such as Fort Worth, Arlington, Carrollton, Plano, Allen, Lewisville, Flower Mound, Irving, Denton, McKinney, North Richland Hills, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.
Wilson Whitaker Rynell
16610 Dallas Parkway, Suite 1000
Dallas, Texas 75248
972-248-8080 (MAIN)
972-248-8088 (FAX)
info@wrrlegal.com (E-MAIL)