You may have a nest egg or assets saved for your golden years when you retire. Planning for your future can take an unexpected turn if you’re facing a divorce. You might be wondering what happens to savings when your marriage ends. Jacobs Law Firm, a QDRO attorney in Orlando, knows how stressful it can be. If you don’t have a prenuptial agreement, retirement funds are generally split equally in a divorce or based on the number of years of marriage and accruals of funds during that time. Even if only one partner contributes to a retirement plan, it likely will be considered to be marital property.
Splitting retirement funds in a divorce is not only stressful but also complex. In Florida, some assets require a QDRO or Qualified Domestic Relations Order. A QDRO authorizes distribution and gets finalized by the court in a divorce. The spouse who isn’t the account holder receives a portion of the retirement funds according to the terms of the plan or otherwise. Contact us to speak with a divorce attorney Orlando who understands property division. Jacobs Law Firm can evaluate your case and work towards getting you a fair outcome.
An uncontested divorce is when both spouses agree on all terms. If one partner has a retirement plan, you want to hire a QDRO attorney Florida. Qualified domestic relations orders are generally filed when the divorce is nearly finalized. Jacobs Law Firm will submit the proper paperwork in the Florida courts for you. Some retirement funds like a 401K, 403B, and pension need a QDRO. Individual accounts like IRAs don’t require an order but may be considered marital property. Our divorce attorneys in Orlando, Florida, can guide you through the process. Having an experienced lawyer prevents mistakes when splitting retirement funds. Jacobs Law Firm will file the proper documentation in the court.
Partners who can’t agree on dividing property likely will litigate a contested divorce. Both parties have to go to court and litigate the outcome. Jacobs Law Firm also works with clients in contested divorces in Orlando, Florida. A judge decides how marital property, including retirement funds, get split. The court weighs all contributions throughout the marriage in Florida. For example, if one spouse stayed home to raise the kids, that may factor into the final decision. In a contested divorce, alimony or spousal support may be awarded to one partner. If you have minor children, the Florida family courts determine what’s best for them. No matter your circumstances, contact Jacobs Law Firm for help with retirement funds.
Jacobs Law Firm
331 S. Wymore Rd., Winter Park, Florida