When couples in Ohio are seeking a divorce, one of the most common legal battles that will take place includes how assets and annuities will be divided between the two people. Although it’s a complicated process, it’s something that everyone needs to go through. The following includes further information on the splitting of annuities in a divorce.
How annuities can be divided
An experienced attorney may explain the available options of how you can split your annuities. Although not all the options are 100% beneficial, they each offer pros that make the process easier. Below are these four options in greater detail.
Withdrawal of annuities
When former spouses decided to withdraw their annuities and split them in half, it is much more likely to be accepted by the courts and both parties. However, the annuity benefits would be diminished, especially any death benefits in the previous policy.
Transfer of annuities
Once negotiations have concluded and are accepted by the judge, you are then allowed to choose how each percentage is transferred to each person. An option at your disposal includes transferring through an IRA account.
Starting from scratch
Although it is time-consuming, you may choose to simply split the annuities and create a new contract for each person. This might lead you to sacrifice some perks that you enjoyed when your initial contract was signed.
Giving full control
Some spouses want nothing to do with any negotiations or the creation of a new contract. Instead, they may simply choose to hand over total control of the annuity to their former spouse.
As you can see from the information above, divorce can be quite complex if you are not familiar with the process. It is important to contact an attorney as soon as possible to be steered in the right direction.