What Happens to My Retirement Plan When I Get Divorced❓

What Happens to My Retirement Plan When I Get Divorced❓

Planning for the future is important. Everyone has thought at least once about what they will do once they retire. Many people have a plan in place to save up for life after retirement. Whether it be through a 401(k), IRA, or another type of retirement account, most of the time these retirement accounts are divisible at the time of a divorce.

Florida Statute 61.076, which handles the distribution of retirement plans upon the dissolution of marriage, states that “All vested and non-vested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs are marital assets subject to equitable distribution.” What this means is that when you get a divorce, your retirement funds are subject to distribution between you and your partner.

There are several factors that go into the equitable distribution of assets at the time of divorce. In Florida, in accordance with Florida Statute 61.075, these factors can include circumstances such as the duration of the marriage, the economic circumstances of the parties, the contribution of each spouse, interruptions in personal careers, and many other factors that play into the marriage that would assist in determining equitable distribution. Every situation is different and is looked at in its entirety of the circumstances.

Retirement plans are some of the most valuable assets people have. It is important that if you are contemplating a divorce or currently going through one, that you get the advice of a knowledgeable family law attorney to ensure you get what you are entitled to.

Contact Us—

The Florida Probate & Family Law Firm has a team of attorneys with experience in Family and Probate Law in Coral Gables, Florida. Our team of attorneys can help you navigate your legal options if you are going through a divorce and have retirement accounts that will need to be distributed.

Contact us to set up an appointment to evaluate your options. We serve the entire state of Florida, so call us at 305-677-5119 or email us at info@flpfl.com.

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