In Florida, retirement benefits including, vested and non vested benefits, rights, and funds received during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs are marital assets subject to equitable distribution. See § 61.076(1), Florida Statutes. In other words, if one spouse received retirement benefits during the marriage, then those assets are likely to be classified as marital property and therefore susceptible to distribution to the other spouse upon divorce.
Under Florida law, however, the portion of retirement benefits that a spouse receives prior to the marriage are not marital property. In order to determine the amount of retirement benefits that the other spouse may be entitled to, it is important to identify the following information: 1) the date of employment; 2) when the benefits started; 3) the value of the benefits when the parties were married; and 4) the value of the benefits on the date of filing for divorce. Once that information is identified, there will be a clearer understanding of the portion of the benefits that are marital property and therefore subject to equitable distribution.
Therefore, whether you have a 401K, IRA, Government pension or another retirement benefit, there may be a chance that your spouse may be entitled to a portion of it upon the divorce.
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For more information about how retirement benefits are distributed in Florida, feel free to contact us by calling us at 954-990-9307 or by email at Scott@scottjkalishlaw.com.
If you’re not sure if you should file for divorce first, be sure to check out this article exploring the advantages and disadvantages of being the first to file for divorce in Florida.