Division of Retirement Accounts
You have spent years, perhaps decades, saving for retirement. Now, faced with the harsh reality of a divorce, you are understandably worried about what will happen to the money you have put away.
When you have concerns about retirement account division during divorce, call me, West Palm beach lawyer William Wallshein. I frequently help my South Florida clients through the complex issues related to asset division, including the distribution of retirement accounts. As a former certified public accountant (CPA) and a practicing family lawyer since 1990, I have the skills necessary to protect your financial interests in even the most complex situations.How Are Retirement Assets Divided in a Florida Divorce?
All the assets of each party, including retirement accounts, are located, valued and divided during the course of a divorce proceeding. The length of the marriage is a major factor in determining how a retirement account will be divided.
For example, a spouse who worked for 30 years and was married for 25 of those years will have to give up a larger portion of his or her retirement fund than someone who worked for 30 years but was only married for five years. The issue includes:
- 401(k) accounts
- Corporate pensions
- Stocks and bonds
- Stock options
- Deferred compensation packages
- Thrift savings plans
Many retirement plan providers do not allow funds to be distributed unless a qualified domestic relations order (QDRO) is filed. A QDRO is a highly detailed and technical document that has a massive impact on a divorce. A QDRO that is completed improperly or not filed in exactly the right way can result in serious tax penalties and an overall reduction in the value of the marital estate. In many cases, including high asset divorce cases, I bring in a QDRO specialist to make sure the document is handled in precisely the right way.Contact a Palm Beach Family Law Attorney
To learn more about divorce and retirement, and how to secure your financial future, please call 561-533-1221 to schedule a free initial consultation. You can also contact my law firm online. My Palm Beach Gardens office is near I-95 and PGA Boulevard.
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