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Can retirement accounts be divided after a divorce?

Florida couples who are planning to divorce might need to take special care with their property divisions if they have accumulated substantial assets during their marriages. If they do not make certain that they receive their fair portions of their spouses' retirement accounts, they may forever lose their abilities to collect any portion of them.

One mistake that some people make involves not dividing the retirement accounts while their divorces are pending. In some cases, one of the spouses will convince the others that they want to wait to divide the accounts so that they can grow larger. Even if they do agree to divide the accounts after the divorces are final, the division may then be subjected to substantial tax penalties, especially if it is done before retirement age.

People who fail to seek their portions of the accounts may try to modify their divorce agreements to include qualified domestic relations orders if the owners agree to do so. This may protect them from early withdrawal penalties. If the parties who own the retirement accounts refuse to divide them later, the parties who didn't collect their fair portions will have little recourse, however.

People who are wanting to divorce after years of marriage may want to seek consultations with a Hillsborough County high asset divorce firm. Attorneys who are experienced with complex property division issues might advise their clients about the potential tax implications of any proposed property settlements. They may also help to locate assets that have been hidden and to obtain proper valuations of businesses and artwork held by the divorcing couple. They may prepare qualified domestic relations orders to protect their clients from early withdrawal penalties when their retirement accounts are divided. With the help of attorneys, people may be likelier to obtain their fair portions of the marital assets.

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Pilka & Associates, P.A.
213 Providence Road
Brandon, FL 33511

Phone: 863-236-9321
Fax: 813-651-0710
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256 North Kentucky Avenue
Lakeland, FL 33801

Phone: 863-236-9321
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