How Will Your Retirement Savings Be Divided?
Do You Know How Your Assets Will Be Divided?
The divorce process is filled with complicated and often contentious questions like: Who will end up with custody of the children? Who gets to live in the house after the divorce is finalized? Who gets the wedding gifts? While these are undoubtedly important questions to ask and resolve, it can be easy to overlook other similarly important questions like how your retirement savings accounts will be divided. Even if you’re put considerable thought into this, an experienced divorce lawyer can help you come up with a plan of action that will help you secure the most beneficial outcome.
Give us a call at (813) 518-7941 to speak with a member of our firm today.
At Givens Givens Sparks, our Tampa divorce lawyers have spent their careers helping families and individuals navigate this process in order to secure an outcome that puts them and their family in the best position once their divorce is finalized. With more than 135 years of collective experience on our side, we can confidently say that there isn’t a situation we haven’t seen or personally handled before. No matter how far into the process you are, contact us today if you’re in need of a knowledgeable and passionate lawyer to help you through your divorce.
What Does The Florida Family Code Say About Property Division?
The Florida Family Code separates property into two categories, separate property and community property. Separate property covers items and assets that either you or your spouse were in possession of before you were married, while community property covers items, assets and earnings received or earned during your marriage. There are a number of retirement plans available, but no matter which one you and your spouse chose, the Florida Family Code considers it community property.
Retirement plans that can be divided include, but are not limited to:
- Roth IRA
- Simple IRA
- Traditional IRA
The judge will use a qualified domestic relations order (QDRO) to determine how to divide your federally controlled retirement plans. However, some things like providing benefits exceeding their interest value and requiring a retirement plan to pay extended benefits that aren’t specifically offered by your plan will not be affected by a QDRO. The judge will often hire an expert to put an exact figure on the value of your defined benefit plan, and an experienced divorce lawyer can help you understand the process and provide you with the information you need to prepare for the court’s final ruling.
Fill out our online form to request a case evaluation today.
Hire An Experienced Divorce Lawyer Today
At Givens Givens Sparks, our Tampa divorce lawyers have dedicated their careers to offer families and individuals the attention and support they need during this difficult time in their life. With more than 135 years of collective experience, there isn’t a situation we aren’t prepared to assist you with. Whether you are just starting your divorce process or if you’ve been working through it for some time now, give us a call at (813) 518-7941 to speak with a member of our firm or fill out our online form to request a case evaluation today.