Divorce And Florida Retirement Accounts
Married couples spend years planning for their retirement years. But there are times when it is best to end a marriage, and then it needs to be determined what will happen with all of the assets gathered, including retirement accounts.
There are many factors to be considered when dividing retirement plans. It is important you protect yourself and have a legal professional advocating for you. Talk about your concerns with a West Palm Beach family attorney to understand your options. Retirement divisions aren’t always clearcut. Dividing 401(k) accounts or pension payments can be tricky. There is the main amount that has been saved as well as the interest accumulated to assess and calculate.
Length of the Marriage and Who Contributed to Accounts
There are a handful of things that will be taken into consideration when it comes to dividing retirement assets. Some of these factors include the following:
- How long has the couple been married?
- When were the retirement accounts started?
- Did one or both parties contribute?
- What is the financial health of each individual?
Even the possibility of qualifying for an ex-spouse’s Social Security amount will depend on if the marriage lasted a decade or not. If a couple was married for a minimum of 10 years, it is possible for an ex-spouse to access spousal benefits if the amount is higher than their own. But, if the marriage ends in under 10 years, Social Security will rely solely on the individual’s benefit amount.
When assessing the marital finances, it will also be taken into account if one person or both people are earning incomes and if other assets want to be retained. For example, if one person wants to hold on to a piece of property that is still accruing in value, they may be willing to let a retirement account go in order to retain the asset.
Work with a Lawyer to Secure Your Financial Needs
When navigating a huge life change, such as a divorce, it is essential you have a full understanding of how your financial future will be impacted. This includes assessing your retirement plans. An experienced West Palm Beach family attorney can provide the legal knowledge you need to secure the life you want.
Bruce S. Rosenwater & Associates is here to help. From our very first discussion we will begin developing the best legal strategy for you. This will include securing financial needs, from how retirement accounts will be handled to the division of assets and debts. Lawyers can also assist with custody orders and parenting plans. When you share your story with an attorney, they can listen closely to your needs and determine a path forward.
Do you have questions about how your retirement accounts and other assets will be impacted by your Florida divorce? Discuss the details of your situation with the experienced legal professionals at Bruce S. Rosenwater & Associates. There are many factors to consider, do not take another person’s word on what amount you should be receiving. Dividing assets can be complicated, contact with a Florida lawyer today.