Heymann & Fletcher

What happens to jointly held investments in a divorce?

The financial impact of a divorce can be significant for a New Jersey couple. The choice to end a marriage can affect everything from lifestyle choices to retirement plans. A person facing the prospect of divorce would be wise to think about how he or she can pursue a fair property division order. This would include terms regarding what will happen to jointly held investment accounts.

Investments are made for the future, and splitting these proceeds in divorce proceedings can be tricky. One thing that may be important is for a spouse to make sure that he or she has the right information to access all joint accounts. After a divorce is final, this information will be important to change the designated beneficiary on the account. When an ex-spouse is not removed, it could lead to complications in the future.

In some cases, it may make sense to sell the assets or cash it in and split the proceeds. Sometimes, there are taxes and penalties associated with this choice. If this is the best way forward, knowing about these potential expenses can help to prepare for what is ahead. For appropriate division of retirement accounts, it may be necessary to have a Qualified Domestic Relations Order prepared and signed by the judge overseeing the proceedings. 

Addressing investments is one of the most complex aspects of divorce. When facing this process, a person may want to speak to a New Jersey attorney regarding his or her legal options. This step can allow a person know what to expect and understand how to pursue a fair final property division order. 

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Heymann & Fletcher
1201 Sussex Turnpike
Randolph, NJ 07869

Toll Free: 800-481-8549
Phone: 862-781-0029
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Heymann & Fletcher
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Mount Freedom, NJ 07970

Toll Free: 800-481-8549
Phone: 862-781-0029