In Manhattan Beach and across the United States, many couples seek legal counsel from a divorce lawyer. Both spouses may feel conflicting emotions, and long-term marriages are particularly difficult when one of the spouses decides to file for divorce. Major issues like property division cause frustration, especially when numerous assets are involved.
Many couples seek legal counsel from family law attorneys for handling finances after divorce. One problem involves changing bank and investment account titles from joint ownership to individual ownership. A divorcee who changed their last name needs to update all accounts. Joint accounts need to change into accounts owned by one individual. After the monies are split in a fair and amicable way, each person will want to deposit their separate funds in their newly established individual accounts.
If each spouse has either a traditional Individual Retirement Account or a Roth IRA, a judge divides the money equally. However, the couple can choose to create a written agreement regarding how they wish to divide their assets, including retirement accounts. After agreeing on an acceptable division of monies in their retirement accounts, each person needs to establish their own separate account. The custodian of the IRA will ask an account holder to fill out various forms. Some custodians, especially brokerage firms, offer online forms for new account holders.
Some states present more challenges than others for couples who want to get divorced. Filling out paperwork and submitting documents to the court in a timely manner are only some of the difficulties. Contacting a family law attorney may offer a divorcing individual peace of mind. An experienced divorce attorney may help answer questions about the process and help prepare documents to make the property division legally binding.