Orlando Divorce And Retirement Plans
It is required for people pursuing a divorce to disclose all of their assets when ending a marriage, including the assets within retirement plans. Whether you and your spouse worked for decades in another state and then moved to Orange County to gradually work less and eventually retire or you are in your peak earning years and have lived in Florida your whole life, 401(k) funds, pensions, and other investments need to be equitably disbursed in the event of a divorce.
When looking over your and your spouse’s retirement accounts, you may have questions about how these resources will be distributed. Knowledge is available, you don’t need to enter the divorce process unsure of next steps. Discuss how the original amount added to an account and how interest and investment gains could be distributed with an Orlando divorce lawyer.
10+ Year Marriages and Social Security Benefits
Many in the United States rely on social security benefits when they retire. It is important to know that you will be able to access the benefits connected to your ex-spouse’s earnings if you were married for ten years or longer. But you have to be married for a decade or more in order to access some of your ex’s benefits when you reach retirement age. For some, this is an incentive to make sure the date a divorce is finalized is a minimum of ten years from the marriage date.
There are many details to look over when thinking about retiring post-divorce. Knowing all of your options and what choices you need to make now to secure your financial future is one of the many reasons it is in your best interests to connect with a skilled Florida divorce attorney.
Date of Distributions or Whole Value of Plans
There are a few different ways that retirement plans can be distributed. In some situations, the assets are valued at what they are worth in today’s dollars. In other situations, a divorce agreement will outline how much an individual will receive once their ex-spouse retires from their place of employment.
Additionally, it will need to be determined if assets, such as retirement plans, will be divided equally or if equitable distribution means one party will be receiving a higher percentage. The process can be complicated. With decisions on the table that can have such a significant impact on your financial future, you need an Orlando divorce lawyer advising you on possible resolutions and the pros and cons of each possibility. Your attorney will listen closely to your objectives, then a path forward can be strategized.
What do you believe will happen to your retirement funds when you and your spouse end the marriage? You likely have a lot of questions about how your divorce will impact you and your future. Asset division can be complex, but seasoned family law attorneys at Donna Hung Law can look over your documentation and share possible paths forward with you. To begin planning your next steps, call 407-999-0099 or contact us online to schedule an initial evaluation.