Dividing Retirement Assets in Divorce
How are retirement assets divided in a Palm Beach County divorce?
Florida divorce law (and Palm Beach County) provides that retirement assets that are earned during the marriage by either spouse are generally considered marital assets. The name that appears on the retirement account does not matter. Generally, the retirement asset that was earned during the marriage should be split equally as part of the divorce process.
So, how does that work? Discovery rules in divorce allow for legal counsel to obtain the most recent twelve months of retirement account statements and brokerage account statements. A date for valuing these assets should then be determined. The date used most often is the date which either spouse files for divorce.
Once the value to be used for the asset is determined, the asset should be included in an equitable distribution worksheet that identifies all marital assets and how they will be split between the spouses. This should include the marital home, financial accounts and all other valuable assets.
Finally, a qualified domestic relations order will likely be needed from an attorney to waive penalties from the IRS or the brokerage account plan administrator based upon the fact that the distribution is for purposes of divorce.
If you or a friend has questions about divorce or a family law matter, don’t hesitate to call us to schedule an initial consultation.
Your divorce counsel should listen and understand the unique goals in your divorce and then go about the professional task of moving the divorce forward promptly to accomplish your goals in divorce.
About the Author
Chadwick M. Layton is a marital law and divorce attorney at Mindful Divorce, P.A. in Palm Beach County, FL. Mr. Layton is also a member of the Florida Bar Family Law Section, the Susan B. Greenberg Family Law American Inn of Court of the Palm Beaches and the Palm Beach Flagler Rotary Club.
Mindful Divorce P.A.
205 Worth Ave. Suite 303
Palm Beach, FL 33480
Phone (561) 537-8227
Office E-Mail: Chad@mindfuldivorcepa.com