Pension and retirement funds are considered marital property in a Florida divorce. In contrast, Social Security benefits are generally not considered marital property as they are regulated under a federal program and do not fall under state laws. Still, a divorced spouse may have certain rights to their ex’s Social Security benefits after divorce.
How with the court divide your retirement assets? An Orlando divorce and retirement lawyer at TK Law carefully evaluates marital assets, debts and other funds to ensure the greatest benefit for our clients.
Without a clear estate plan, prenuptial or postnuptial agreement in place to declare otherwise, a judge uses equitable distribution for any assets or debts acquired during the marriage. “Equitable” does not necessarily mean “equal.” Our clients can be confident that we are well-versed on the current legislation relating to retirement accounts in their divorce case.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
If you have questions about your retirement situation as you consider divorce, we urge you to contact TK Law for more information. We can be reached for a free, no-obligation consultation at 855-Kramer-Now (855-572-6376).
The following issues are just a few of the important estate and financial planning matters we routinely help our clients with regarding divorce and retirement.
401(k), 403(b), and Thrift Savings Plan
Money accrued in a 401(k) or 403(b) retirement account while married is dividable in divorce. Generally, a judge will sign a qualified domestic relations order (QDRO) designating a percentage or specific dollar amount to be awarded to the non-account holding spouse. Once the retirement plan administrator receives the QDRO, the account will be divided and a new one set up for the ex-spouse.
A Thrift Savings Plan follows a similar division in divorce as a retirement account.
Pension Plan in Florida Divorce
Ex-spouses are eligible for a portion of the other ex-spouse’s pension plan under certain conditions. These monies, which are awarded monthly, should be distributed directly from the plan administrator.
Individual Retirement Accounts (IRA)
IRA funds that are considered marital property are split as a direct rollover. Upon final dissolution of the divorce case, the ex-spouse who does not own the IRA opens up his or her own IRA account so that the eligible funds are transferred to the new IRA.
Military and Federal Government Retirement
Military and federal government retirement funds are handled in a similar fashion to a 401(k). An experienced military divorce attorney can complete the correct documentation to ensure you receive benefits and to mitigate tax consequences.
Social Security Retirement Benefits in Divorce
In many instances, a person whose spouse receives Social Security retirement or disability benefits at the time of divorce is eligible for up to 50 percent of those benefits.
Under the following conditions, a divorced spouse who does not remarry can claim Social Security benefits if the ex-spouse:
- Is at least age 62
- Worked at least 10 years
- Was married to the person seeking to claim benefits for at least 10 years
- Has a higher spousal benefit than the person seeking to claim benefits
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Contact an Orlando Divorce and Retirement Lawyer at TK Law
Hiring an attorney with experience in family law and retirement planning can prove to be a vital asset in a divorce case. Our lawyers represent clients in multiple practice areas, including divorces, estate planning, retirement valuation and business law. We use our experience to best benefit our clients’ unique cases.
At TK Law we want to establish lifetime professional relationships with our clients, representing them in a variety of life occurrences. We offer a free consultation to begin working for you today.