How Will Your Retirement Savings Be Divided?
Do You Know What The Judge Will Decide During Your Divorce?
Who gets the wedding gifts? Who gets the house? Who gets the children? These are some of the most pressing questions hundreds of thousands of soon to be ex-spouses need to ask themselves during their divorces, but many overlook some of the more complex areas that need to be divided during the divorce, like who will get what portion of the retirement savings accounts. Whether or not you’ve taken this into account, hiring an experienced divorce lawyer will help you secure a beneficial outcome and allow you to move on to the next phase of your life in the best possible position.
Our Tampa property division lawyers at Givens Givens Sparks understand just how difficult the divorce process can be on you and your entire family, and have the knowledge and experience necessary to help you navigate this difficult situation. Our lawyers have spent their careers providing the legal assistance our clients require in their time of need, and with more than 135 plus years of collective experience there isn’t a situation we aren’t ready and prepared to handle. Whether you’re still beginning the divorce process or if you’re seeking a new attorney, contact us today to discuss your case with a member of our firm.
How Does The Florida Family Code Handle Property Division?
Property is separated into two categories under the Florida Family Code, community property and separate property. Community property refers to earnings, assets, or items earned or received while you and your spouse were married, while separate property refers to assets or items owned by either you or your spouse before the marriage. No matter what type of retirement plan you have, it’s considered community property under the Florida Family Code.
The court can divide retirement plans including, but not limited to:
- Simple IRA
- Traditional IRA
- Roth IRA
The family court will decide how to divide your federally controlled retirement plans on a qualified domestic relations order (QDRO), but certain things like requiring the retirement plan to pay extended benefits not offered specifically by said plan or providing benefits that exceed its interest value are unaffected by a QDRO. In many cases, the court will hire an expert to determine the exact current value of a defined benefit plan. An experienced attorney can help you understand the process by giving you the information you need so the court’s final ruling doesn’t catch you by surprise.
Give us a call at (813) 375-0109 to speak with an experienced Tampa divorce attorney today.
Hire The Attorney You Need
Or Tampa property division attorneys at Givens Givens Sparks have dedicated their careers to providing the legal assistance our clients need to help them work through the most difficult times in their lives. No matter what part of the divorce process you are currently in, we’re ready and waiting to provide you with the legal guidance you require. Call us at (813) 375-0109 to discuss your case with a member of our firm, or fill out our online form to request a case consultation today.