Currently Offering Flexible Remote Consultations For Your Safety

Handling complex divorce and family law cases in the Tampa Bay Area, including, Clearwater, St. Petersburg, Tampa, and New Port Richey
Handling complex divorce and family law cases in the Tampa Bay Area, including, Clearwater, St. Petersburg, Tampa, and New Port Richey

Are retirement plans considered marital assets?

| Jan 20, 2021 | Divorce |

If you’re thinking about filing for divorce in Florida, it might seem safe to assume that your retirement account is off-limits. However, many people are surprised to learn that their retirement savings can be divided up like any other asset, even if they’re the only one who’s been paying into it. Your former spouse might be entitled to half the savings in your retirement fund.

How are retirement plans treated during a divorce?

If you have a retirement plan, any money that you put in that fund during your marriage is considered marital property. That means it has to be divided with your former spouse just like any other asset. Dividing up your retirement fund during a contested divorce can be challenging, as you’ll have to obtain a Qualified Domestic Relations Order to get access to the funds.

Fortunately, marital property laws only apply to savings that you accumulated during your marriage. Any money that you put in your retirement fund before you got married is off-limits to your spouse. Additionally, if your spouse has a retirement fund, you might be entitled to a share of their savings. Your attorney could help you figure out how to divide up your assets during the divorce process.

Why do you need an attorney when you get divorced?

Some spouses will play dirty tricks in an attempt to win more assets or get custody of their children. Your former spouse might hide assets, make false accusations or fight you every step of the way to make the divorce as difficult as possible. An attorney could help you keep a clear head and protect yourself and your family members. They could also help you with practical parts of the divorce process, like dividing up assets and getting a QDRO for your retirement fund.