During a Florida divorce, many couples turn their focus toward dividing marital wealth. Retirement savings comprise a significant portion of many couple’s assets. Each spouse is entitled to a share of those savings, but determining how to divide retirement accounts is more complicated than making a simple 50 percent calculation. Under the guidance of a property division lawyer, a fair and equitable agreement can be reached.
There are a multitude of different retirement investments, each with their own set of rules and guidelines for division. Not all accounts are created with equal terms in place, and it can be far more costly to divide some accounts than others. Unless one’s divorce attorney is fully aware of the details of each account, he or she cannot properly advise a client on how to proceed.
Even when the ins and outs of various retirement vehicles are understood, there are other issues that can throw a wrench into things. Consider a couple who have agreed that each spouse will take 50 percent of the value of one spouse’s retirement account. A valuation takes place, and the parties agree to the number provided. If the divorce slows, however, the value of the account could change. If so, is the spouse who is not earning the retirement benefit still entitled to half of the estimated value, or half of the actual value as of the time of the divorce?
This is just one issue that can arise during a Florida divorce case. When it comes to dividing retirement savings, the assistance of a property division lawyer can make a world of difference. The ultimate goal of both parties should be a fair division of wealth that allows both spouses to move on with a degree of financial stability. Making informed decisions is the best way to make that goal a reality.
Source: thestreet.com, “Marriage Going Bust? Protect Your Retirement Plan From Going Bust, Too“, Thomas Scarlett, May 6, 2016