Can my spouse take my retirement if we divorce?
In Florida, when you get a divorce, your retirement funds can be part of what gets divided between you and your spouse. This is because, under Florida’s divorce laws, retirement accounts like 401(k)s, pensions, and IRAs are often considered marital property if they were earned or contributed to during the marriage. This means that if you added money to your retirement account while you were married, that part of your retirement could be split with your spouse in the divorce.
However, it’s not always a straightforward split. The court looks at several factors to decide how to divide retirement accounts fairly. They consider things like how long you were married, how much each person contributed to the marriage (financially and otherwise), and the financial situation of each person after the divorce. The goal is to divide things in a way that’s fair, which doesn’t always mean splitting them right down the middle.
Also, it’s important to know that only the portion of your retirement that was earned during the marriage is considered. So, if you had money in your retirement account before you got married, that part is usually seen as your separate property and isn’t divided. But, the part that you earned or contributed while married is what might be shared. And remember, how this is done can be complicated, especially with different types of retirement accounts. Sometimes, you might need a special court order (called a Qualified Domestic Relations Order) to divide these funds properly.
If you’re concerned about how your retirement assets might be affected in a divorce, the trial team at Shemtov Hillstrom can. Contact us at (954) 329-2222 to schedule a consultation with our experienced trial attorneys. We’ll help you navigate the complexities of retirement division with the expertise your case deserves.