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Handling complex financial accounts in a divorce 

On Behalf of | Sep 19, 2022 | Property Division

Some financial questions may not necessarily be easy to solve, but the accounts themselves are at least fairly simple. For example, you and your ex may not agree on the exact amount of money each of you should get out of your bank account, but it is easy to locate that money and understand exactly what assets you own to begin with.

This is not always the case with other types of financial accounts. Let’s look at two more complex areas that could impact your divorce, depending on the specifics of the case.

Retirement accounts

One situation that sometimes comes up is that one individual will be earning a pension or a retirement fund. Their spouse will want to retire off of that money, as well. This spouse will be very concerned about losing their rights to the account. One way to solve it is simply by using a QDRO (Qualified Domestic Relations Order) to determine in advance how the retirement fund should be split. This document then helps to divide those benefits even long after the divorce occurs.

Cryptocurrency accounts

A modern area that you may want to think about is cryptocurrency. This is a type of online currency that you can invest in through various wallets and different trading indexes. It’s complicated because money put into these exchanges is then used to purchase coins, so it has to be cashed back out at the current value in order to split the asset. This can also be complicated because these accounts tend to be hosted overseas and there’s not much regulation around them, unlike investing in the United States.

If you and your spouse do end up in a complicated situation, you definitely want to take the time to learn about your legal options.