It can be a significant undertaking to ensure that your marital assets are divided equitably during a divorce. For spouses who have spent years contributing to a retirement account, it can be even more important to ensure that your assets are divided fairly and your future is protected. Because your retirement accounts are considered marital property, it is important to ensure that your investments are protected.
Retirement & Marital Property
Retirement accounts, even if they are only in one spouse’s name, are considered marital property. So what does this mean? In Florida, this means:
- Retirement accounts are considered the result of joint efforts, even if one spouse has made greatly larger contributions to the account.
- Account growth during the marriage is eligible for division, even if the account was established before the marriage.
- The balance of the account before the marriage is usually considered the sole property of the owning spouse, but the difference of the increased value may be divided.
- Dividing a shared retirement account requires a Qualified Domestic Relations Order (QDRO) to make any changes to the account.
Florida is an equitable division state, which means the court will take into account the contributions of each spouse when dividing property. It may be possible for you and your lawyer to negotiate for a larger share of your retirement assets.
Protect Your Retirement
A qualified divorce attorney can help you protect your interests and advocate for a fair division of property. They can help you understand what you are up against, and find strategies to help you protect your important assets, including your retirement. Discuss your case with your lawyer, and let them know what your goals are for your case. While you may be able to negotiate in your favor on your own, an attorney can greatly increase the odds of successfully getting a favorable agreement and can provide knowledge and experience to drive your case forward.
Don’t hesitate to get the help you need. At Swanson Law Center, P.A., our lead attorney has more than 40 years of experience in helping our clients protect their assets and savings from divorce. Let our Gainesville divorce lawyers guide you through every step of your case with compassionate, solution-focused legal counsel.
Schedule an appointment to start your case. Contact our team online, or dial (352) 480-0088.