High asset divorce can be a complex and time-consuming process. This is especially true when there are complex assets in need of division like retirement funds and business assets. Fortunately, there are professionals with the experience and technical know-how necessary to deal with a complex asset division for Minnesota couples dealing with a divorce.
When a couple divorces, one of the more complex and often the most valuable asset that must be addressed are retirement accounts. Unfortunately, dividing retirement accounts can be difficult. While in some cases it may be possible to divide assets with relative ease. With some qualified retirement accounts the couple will have to obtain a document that establishes the right to an ex-spouses retirement.
One of the most common legal documents addressing retirement division is a Qualified Domestic Relations Order. A QDRO allows couples to split protected retirement accounts like pensions. Unfortunately, a QDRO is not a simple legal document. For a QDRO to be useful and worth the money invested in its preparation, it needs to be prepared correctly so it can be legally enforceable. Moreover, there are a maddening number of details with each type of account.
In the end, whenever a couple going through a divorce is dealing with a complex asset such as a business asset, a retirement account or the division of complex real property, it is a good idea to seek aid or guidance. Getting help from someone with experience dividing complex assets will not only save everyone a lot of time and frustration but will also save lot of money in the long run as well.
Source: Business Day, "How to divide your retirement assets in a divorce," Dec. 31, 2013
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