Are Retirement Accounts Marital Property?
Have your question answered on the Money Wisdom Question Series!
Today’s question is all about marital property and particularly, whether or not retirement accounts are marital property.
The short answer is yes.
Connecticut and Massachusetts both consider retirement assets to be marital property, or at least the assets accumulated within retirement accounts throughout the duration of a marriage.
What happens in the event of a separation or a death?
Although an IRA stands for an individual retirement account, they really view those assets as joint.
In the case of separation or the passing of a spouse, financial assets may be divided or consolidated, depending on the circumstances.
So, in conclusion, retirement accounts are indeed classified as marital property, especially in the states where we primarily serve our clients: Connecticut and Massachusetts.
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