Divorce Law

What Happens To Retirement Accounts In A Divorce?

During a divorce, marital property will inevitably be divided among the two spouses according to the laws of the state. In Florida, the equitable distributions laws state how these marital assets and property are divided. Marital assets and property can be houses, vehicles and other property that was accumulated during the marriage. But that is not all. Even retirement accounts are considered as marital assets that will be divided during the divorce.

Equitable division of retirement accounts can be tricky and complicated if you do not know the law behind it. But Affordable Orlando Divorce Lawyers are always ready to help you out when it comes to these divorce matters. And who else other than them to know best about these issues.

Retirement plans can be of various forms. There can be traditional retirement plans like 401k plans, IRAs and Roth IRAs. Also, there are defined benefit plans and defined contribution plans. A defined benefit plan can also be called a pension as it gives a specific amount at retirement. The employer usually bears this responsibility. Defined contribution plans, on the other hand, let the employee save up for retirement. This account can even include contributions by the employer. But there is no specific amount guaranteed at retirement.

The amount accumulated in the retirement fund during the marriage will be applicable for the division during divorce. Not only the length of the marriage but each spouse’s contribution to the marriage will affect the end result. A competent Divorce Lawyer can get you the best possible outcome during the divorce.

Looking for Affordable Orlando Divorce Lawyers who can help you out with your divorce? Contact the Law Office of Erin Morse now to get the best legal counsel for your case. Call now to schedule an appointment right away to start discussing your case.