Dividing Retirement Benefits In Your Fort Lauderdale Divorce
Filing for a divorce in Fort Lauderdale can wreak havoc with your finances, impacting you now and long after you get a final divorce order. Unfortunately, this is particularly true when it comes to retirement benefits.
You may have previously counted on spending the future with your spouse and relied on their retirement savings to provide for your needs. Fortunately, under Florida equitable division laws, you have a legal right to seek a portion of these benefits as part of your divorce settlement. Our Fort Lauderdale divorce attorney explains factors influencing how they are divided and the amount you may be entitled to.
Retirement Benefits and Equitable Division in Divorce
Under the Florida Statutes, marital property and assets are divided equitably in divorce proceedings. This means that you are entitled to a fair share of everything earned or acquired since the date you married, which includes your spouse’s retirement benefits. Common types of retirement benefits that are subject to equitable division in Fort Lauderdale divorce proceedings include:
- Pension benefits;
- Employer-sponsored 401(k)s;
- Individual Retirement Accounts (IRAs);
- Military and government pension plans.
Any retirement benefits your spouse earned during your marriage are subject to equitable division. These benefits could represent a significant amount of money and can help in providing for your financial security in the future. However, you will need to request a Qualified Domestic Relations Order (QDRO) through the court, which is generally required to release funds.
Also, be aware that in addition to what you get via a divorce settlement or final divorce order, you may also be entitled to a portion of your spouse’s Social Security benefits, provided you have been married for at least 10 years or longer.
Factors Influencing Division Of Retirement Benefits In A Fort Lauderdale Divorce
Dividing retirement benefits is about more than just splitting assets-it can play a vital role in post-divorce recovery and providing for your financial needs in the future. Factors that influence how retirement benefits are divided and the amount you may be entitled to in a Broward County divorce include:
- The length of the marriage;
- Each spouse’s current income and earning capacity;
- Their age, health, and potential future needs;
- Any prenuptial or postnuptial agreements in place, which may set limits on your access to retirement benefits;
- The potential tax implications, which is important not to overlook, as they can be significant;
- The overall amount of other property and assets you receive as part of a Fort Lauderdale divorce settlement.
To Protect Your Financial Future, Contact Our Fort Lauderdale Divorce Attorney Today
Getting your fair share of retirement benefits in a Fort Lauderdale divorce plays a key role in providing for yourself in years to come. To protect your rights and financial future, get professional legal help from our experienced Fort Lauderdale divorce attorney.
Sandra Bonfiglio provides the fierce representation you need to get the maximum amount of retirement benefits and other marital assets you may be entitled to in a Broward County divorce. Give us a call or contact our legal team online today to schedule a consultation.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
ssa.gov/policy/docs/ssb/v72n1/v72n1p11.html#:~:text=Depending%20on%20their%20circumstances%2C%20divorced,or%20a%20combination%20of%20both.
