Floridians should be on guard against a partner’s attempts to hide marital property during a divorce. The potential consequences of trying to cheat a spouse out of his or her share of a marriage’s assets were discussed in a prior article. Despite the risks, many people may be likely to try it anyway. It is up to each party in a divorce to protect himself or herself from efforts to avoid full disclosure.
Asset division when a marriage ends can be complicated, particularly when retirement assets such as 401(k) plans are added to the mix. As provided under the 2015 Florida Statutes, Florida is an “equitable distribution” state. As such, this means regardless of whose name is on the 401(k), both spouses may have an equal claim to the plan if the money inside it was acquired during the marriage.