Division of Retirement Benefits
When a married couple divorces, all property that was acquired during the marriage will be divided, including retirement funds and benefits. There are many scenarios that can exist regarding retirement benefits — one spouse may have been the main income earner, both spouses may have worked or perhaps the arrangements changed over the years. Because retirement benefits are considered marital property, they will be divided according to Florida’s equitable distribution laws.
You want your contributions to matter, regardless of whether you worked or provided support to the family in other ways. At Platt Hopwood Russell & Cole, in Melbourne, we will take time to understand what is important to you and strive toward obtaining that resolution. For information about how we can assist you, please call us toll free at 800-479-3032.
Property Division Settlements Cannot Be Modified
There are many aspects of divorce that are fluid in the years after the divorce is final. The property division settlement is not one of them. What is decided will remain, and it is critical to obtain the appropriate settlement. We are well-versed in doing so through negotiation or litigation.
Our divorce lawyers will talk to you and delve into your financial information to determine the true value of your retirement assets. We can bring in a certified public accountant (CPA) to ensure all financial figures are accurately identified and assessed.
A QDRO May Be Used in Division of Retirement Benefits
A qualified domestic relations order (QDRO) may be included in the divorce settlement agreement. It establishes one spouse’s right to receive a percentage of the other spouse’s qualified pension plan. There are several complex tax issues involved in QDROs, and our firm can keep you updated and educated about these issues.