Ask a Miami divorce attorney: Distribution of retirement plans upon dissolution of marriage
One of the most complicated aspects of a divorce is determining who is entitled to various assets accrued by both parties during a marriage. As is the case with most financial matters, this can be a difficult and emotionally trying process, which is why it’s important to enlist the services of a seasoned Miami divorce attorney.
When it comes to a retirement plan, Florida Statute 61.076 states the following, which your Miami divorce attorney can help you more clearly understand:
“All vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs are marital assets subject to equitable distribution.”
In simpler terms, this means that even if one spouse contributed significantly more money to a 401k or another kind of retirement plan, he or she should be prepared to split the money evenly with his or her spouse. As you can imagine, this has the potential to cause financial distress for one or both parties involved, as it can result in an individual losing half of the retirement money he or she has earned over the years.
If you have additional questions about a divorce, you need a Miami divorce attorney who will give your situation the personal attention it deserves and work tirelessly to ensure that your best interests are accounted for. Scott A. Ferris, Esq. has more than 25 years of experience in this field, and is on hand to address your concerns seven days a week. Contact him today at 305-670-3330.