Retirement Planning During Divorce
For many who are contemplating a divorce, the thought of what might happen to your retirement savings as a result is beyond harrowing. What’s going to happen to our home, expenses, medical insurance? While these details can sometimes be overwhelming, an experienced divorce attorney who regularly works on family law cases can help advise you on how to plan for the division of retirement assets and properly plan for retiring post-divorce. Marital Assets Any property acquired during the marriage is generally considered marital property and subject to equitable division. Property acquired prior to marriage as well as property inherited, acquired after separation, and/or divided via a prenuptial agreement is considered to be non-marital property. However, it is important to be careful about non-marital property that may have been commingled with marital property, as this could also be subject to equitable division. What about IRAs? 401(k)s? Individual retirement accounts are generally considered to be marital property and, upon divorce, the non-owning spouse will typically have their portion placed into a new account in their name. However, any IRAs and/or other accounts that existed prior to the marriage, whereby marital funds did not contribute to its growth, may be considered non-marital property. 401(k)s and pension plans are also generally considered marital property unless started prior to marriage and lacking in investment from marital funds. These can be difficult in terms of equitable distribution, however, thus a Qualified Domestic Relations Order is sometimes necessary in order to provide for both spouses upon divorce. After divorce, it is entirely possible that the portion of your paychecks going into your 401(k) plan will change because you need to meet your expenses somewhat differently. This can be exacerbated by related expenses, such as child care expenses. General Tips We suggest that you take the following steps in an effort to better prepare yourself for retirement after divorce: Educate yourself more on how retirement assets are divided after divorce; Do not give into pressure to quickly give away particular assets in an effort to get the divorce over with. It is sometimes important to negotiate and protect your future. This is especially the case when it comes to forgoing retirement benefits for, say, the family home which, in some circumstances, may not be the best financial choice; Work with an experienced divorce attorney to help value your marital retirement assets; Consider the tax implications of every choice; Find out if you qualify for spousal benefits; and Ensure that you and your attorney obtain a Qualified Domestic Relations Order for any qualified retirement plans that will be divided upon divorce. Consult With an Experienced Florida Divorce Attorney Divorce can have a substantial impact on couples’ retirement plans, especially if they’ve been married for a number of years. If you are in the process of getting divorced, it is critical that you consult an experienced divorce attorney to help provide you with guidance in protecting your assets. The experienced Florida divorce lawyers at HD Law Partners provide the very best in legal representation in family law cases here in Florida. Contact us today. Resource: forbes.com/sites/lawrencelight/2017/07/24/does-divorce-derail-retirement/#24cca3053a59 Posted in Divorce | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us