Jacksonville Divorce Lawyer Blog
Written By: Lenorae C. Atter, Attorney
Wood, Atter & Wolf, P.A.
Retirement and pension accounts are often a source of of issue in a Florida divorce case. When divorcing, the law states that marital assets, including bank accounts, mutual accounts, pension and retirement accounts, must be equitably divided. However, each party can waive their right to the other’s retirement or pension funds. When dividing pension and retirement accounts, the divide is not only based on the total in each account at the time of the parties’ separation. The division is actually based on the amount contributed into the accounts during the marriage. So, if you work at your job for 20 years, then marry for 2, your spouse is only entitled to the amount contributed and earned during that two year period of time. However, if you have been married the entire time you’ve worked at that job, then the entire amount is divided equally.
When dividing accounts, it is important to understand and know what the marital value of the account is versus the total amount of the asset. To better understand your rights and options, it is a good idea to speak with a family law attorney.