If you are facing a Florida divorce, you might approach the situation with apprehension over the division of marital assets. You may be aware of issues such as needing to decide who gets the family home, or you might prefer the idea of selling the home to streamline costs as you and your estranged spouse go your separate ways. One of the areas that can be confusing or even forgotten is that of retirement accounts.
A couple splitting up after just a few years of marriage might dismiss the importance of retirement benefits, but funds contributed to one or both spouses’ plans during the marriage might be subject to property division. Those who are closer to their retirement years may be particularly concerned about these funds because of the imminent need to make use of them for living expenses.
Those who are not as close to retirement, however, should still be aware of the value of retirement assets to which they are entitled as these funds could multiply significantly over time. Regardless of your specific situation, a thorough review of accounts in question may be important for assisting in your decisions during the property division stage of your divorce. You may have worked hard to accrue your pension and other retirement accounts, in which case you may need assistance in limiting losses through property division. If you are a person who has sacrificed your career to care for your children, you may be entitled to a share of retirement funds accumulated in your spouse’s accounts.
Handling of the retirement benefits you receive in connection with a divorce settlement could have significant tax consequences, which makes an effective strategy important throughout the property division stage. Our experienced attorneys are skilled in negotiation, but they are also prepared for litigation when it is warranted. Learn more about the services we can provide you by visiting our page on retirement account division.