You Have One Chance to Protect Retirement Funds

Retirement accounts are an extremely valuable asset. Pensions, 401(k)s, 403(b)s and Roth IRAs take years to mature and reflect decades of long hours, stress and significant effort. You must give them due consideration during a divorce.

At the Law Office of Amy L. Beauchaine in Orlando, we do. Our lawyer has spent her own considerable time and effort to become distinguished by her peers in this area of family law. She is an attorney you can trust to protect your interests and the assets you will need for support in the future.

Call our office at 407-636-2985 or email us and schedule a consultation to discuss how we can help you protect your interests.

Five Things to Remember When Choosing Your Attorney

Retirement accounts are not extremely valuable but dividing them is not a simple or even intuitive process. Below are five things you need to know about the division of pensions and other retirement accounts.

  1. Retirement accounts are subject to division. Contributions made during the course of the marriage are considered community property, and they are subject to division under Florida law.
  2. 'Subject to' is not the same as 'must divide.' Although the asset itself is part of the community property estate, it does not mean that each spouse will always end up with 50 percent of the funds. You can keep the entirety of an account so long as the other spouse receives assets of equal value.
  3. Not all retirement accounts are equal. There are numerous current and future factors to consider when determining the value of a retirement account. For example, $150,000 in a 401(k) is not equal to $150,000 in a Roth IRA due to tax implications upon withdrawal of the funds.
  4. Mistakes are costly. Failing to properly value a retirement account in settlement discussions is only the beginning of the possible errors that could occur. Should you choose to divide the assets, you must take specific steps to ensure that all transfers are made according to the law and avoid unintended consequences, such as early withdrawal penalties.
  5. Property settlements are non-modifiable. After your divorce has been finalized, you cannot modify your property settlement due to a drafting mistake or the failure to consider the ramifications of a particular property transfer.

You Choose the Direction. We Will Protect Your Interests.

Whether your desire is to keep a retirement account intact or divide one, we will work to help you accomplish your goal. Call our office at 407-636-2985 to schedule your consultation. You can also complete a confidential form online.