Divorce can bring many questions about what your retirement will look like. Many will wonder if they will still be able to retire as they had always planned or if they will need to continue working to offset divorce costs. Additionally, the other spouse may influence what will happen to your retirement accounts. What ends up happening to those accounts during a divorce?
Rafool, LLC has years of experience in grey divorces, where our team has helped our clients fight for their 401(k)s, IRAs, and pension rights. If you are worried about the security of your retirement accounts during divorce, contact a Miami FL divorce attorney at Rafool, LLC.
Florida is an equitable distribution state, meaning all marital assets and debts are divided by the courts in a way that is deemed "fair." This does not mean that it is always equal. Retirement savings earned and accumulated during the marriage are considered a marital asset, subject to equitable distribution.
The court uses a number of factors to properly portion the amount each spouse receives, including:
Length of marriage
Contribution from each spouse to savings
Standard of living during the marriage
Ability of dependent spouse to earn a living and prepare for retirement following the divorce
A defined contribution plan - a 401(k) - is easier to divide since it is more straightforward. However, the process of equitable distribution can become more complicated when there are benefit plans involved, especially if they are not yet given out.
Retirement plans can make divorce tricky. Contact a Miami family law lawyer to get the legal help you need to make the process smoother.