Do I Have To Wait Until My Spouse Retires To Receive Some Of The Pension?
Posted By Posted by Stann Givens on Feb 2, 2011 7:35am PST || Feb 2, 2011
In a Florida divorce, retirement plans of each spouse are subject to division just like all of the rest of the assets and debts. Many years ago that was not true. After Florida decided to divide retirement assets, it was difficult on many spouses because they would have to wait until their spouses retired before receiving any of the assets. That has changed.
The federal government, through changes in the Internal Revenue Code, has created a more fair situation for the spouse who is receiving a portion of the other spouse's retirement assets. Now, the asset can be divided by way of something called a Qualified Domestic Relations Order. The best Tampa family law attorney will tell you that this is simply a method where a formula for distribution of the retirement funds is created that allows the transfer of retirement funds from one spouse to another without income tax consequence and often there can be access before the retirement of the spouse named in the retirement plan.
Bottom line: Ask your expert Florida family law attorney about how the court will divide retirement assets.