Lakeland Retirement & Pension Division Attorney
A divorce means splitting up all assets acquired in a marriage. As people get older, they have time to acquire more assets. This is why gray divorces — divorces that happen after the age of 50 — tend to be so complex. There are just so many assets involved by this point.
One particular asset that many couples in their 50s and 60s have is a retirement account or pension. IRAs, 401(k)s, and other financial accounts are common as people near retirement. In some cases, these accounts have six or seven figures.
So in the event of a gray divorce, you can imagine that there are arguments over who gets what when one or both parties have retirement accounts. Retirement funds and pension accounts are considered marital property, but they are not so easy to divide, unlike vehicles or furniture. In some cases, an early withdrawal can incur fees. In some cases, disputes arise because the working party does not think that the stay-at-home spouse is entitled to the funds.
Whatever the reason for the dispute, dividing retirement and pension accounts can be a difficult endeavor. That’s why gray divorces can be complicated. Get the help you need from Darla K. Snead, P.L. Attorney at Law. A Lakeland retirement & pension division attorney can help you split your accounts with ease.
Valuation of Retirement Accounts
Typically, all marital assets and income earned during a marriage are subject to division in a Florida divorce. However, when assets include bank accounts or retirement accounts, they are split under a qualified domestic relations order (QDRO). This order gives the ex-spouse the right to receive all or a portion of the benefits payable with respect to a participant under a retirement plan. A QDRO may apply to the following:
- 401(k) plan
- Private pension
- Government or military pension
- Stock options
- Deferred compensation
- Salary, bonuses, and commissions
- Any other qualified retirement plans.
Still, dividing these accounts is not easy because you need to determine the true value of them. The amount of money in the account does not often equal the amount of marital money used to grow the account. In addition, for certain accounts, such as pensions, the courts must also take into consideration the future value of the account. Things can become complex very easily, which is why you need legal help in these matters.
Contact Darla K. Snead, P.L. Attorney at Law Today
If you are receiving retirement compensation and know a divorce is imminent, start taking the steps now to protect your pensions, stocks, and retirement plans. You need as much money as possible once you reach retirement age and are no longer working.
As you get older, you acquire more assets. This means there is a lot more at stake in a divorce. Get the legal help you need from Darla K. Snead, P.L. Attorney at Law, can guide you through the process with ease. To schedule a consultation with a Lakeland retirement and pension division lawyer, call our office at (863) 619-5291.