Divorce And Florida Retirement Plans
In Florida, equitable distribution is part of the divorce process. This distribution will include all assets and property acquired over the course of a marriage, including pension plans and 401k accounts. But, it is important to note that equitably does not necessarily mean a split of 50% for each person. Reviewing the details of your assets with a Florida attorney can bring clarity to your unique situation.
Retirement funds can be complicated to distribute, there are the amounts earned and the interest accrued to be assessed. Additionally, if a portion was gathered prior to the marriage, or if there are properties that one spouse wants to retain, those details will impact a final division that will be seen as legally equitable. Plus, if you can access spousal social security benefits will hinge on the length of the marriage. Hiring a Port St. Lucie family law attorney can help.
10 Years and Social Security Benefits
If you are planning to access the Social Security benefit amount connected to your spouse’s income, it is possible after a divorce. That said, the length of the marriage will be taken into account. You need to be married for 10 years or longer to access your ex-spouse’s Social Security benefit amount. The date your divorce is finalized may need to be considered if you are divorcing around a decade after you were officially wed.
Small details, like when the date on your divorce papers, can make a big difference in your retirement plans. A legal professional can help you understand what options are available and work with you on strategizing how to move through the divorce process. Some of the factors that will be taken into consideration when Florida retirement plans are being distributed include the following:
- Length of the marriage
- Who contributed to funds and when
- Are there other debts and assets
- Did one person contribute in ways beyond finances
Sound advice is essential. There can be unexpected developments in divorce cases, these are often connected to investment accounts. Connect with a seasoned Florida divorce attorney as soon as possible.
Considering the Range of Assets
If an asset was accumulated during the marriage, it is subject to equitable distribution rules. This includes investments, houses, boats, jewelry, and cars. A Florida court will look at how much each person contributes to the success of the household. This does not mean only financial contributions will be considered. If one person stayed home to care for children, that would be taken into account. If you are thinking of retiring soon, you need an experienced Port St. Lucie family law attorney to provide you with the information you need to leave a marriage financially secure.
Are you pursuing a divorce and have concerns about how the end of the marriage will impact your retirement? Our experienced Florida family lawyers can answer your questions and provide you with options for your future. At Baginski, Brandt & Brandt, we believe in giving everyone the peace of mind and clarity they need to move forward with confidence. Contact our team of family law attorneys today.