When a married couple goes through the process of divorce, they will not only have to divide emotional aspects of the marriage, such as time with their children, but they will also have to split up all financial accounts in some way. This is one of the most stressful aspects of the divorce process for many, especially for people who are in a high-asset marriage.
It is very common for couples to seek legal proceedings in order to fight for assets such as retirement accounts. This is because retirement accounts can provide income for the rest of a person’s life, and because divorcing people are generally very protective about the retirement account that they built during their working life. It is important that divorcing spouses learn as much as they can about how the law works when it comes to retirement accounts and asset division so that they can know what to expect.
Retirement account asset division in the state of Florida
The state of Florida is an equitable distribution state. This means that assets are not simply split 50-50 when a marriage is dissolved, but they are divided in a way that the court believes is fair and in accordance with state laws.
This will also mean that assets considered separate property will not be subject to division. Therefore, if your retirements account were mentioned in a prenuptial agreement, they may be considered separate property.
If you are concerned about the way your retirement accounts will be divided when you file for divorce, an attorney can provide more information.