Many people enter into a marriage already having a retirement account and, or, pension. The division of the assets and liabilities, including retirement accounts and pensions, acquired during the marriage are governed by Florida Statute 61.075.
The portion of the retirement account or pension that was accrued prior to the date of marriage is referred to as "non-marital" and is exempt from being division between the parties as part of a dissolution of marriage action.
When a spouse continues to contribute to a retirement account or accrue additional pension benefits after the date of marriage, the additional contributions including passive gains/losses and, or additional pension benefits accrued are subject to division between the parties as part of a dissolution of marriage action.
In order to properly divide these accounts as part of a divorce the Court often enters a Qualified Domestic Relations Order (QDRO). A Qualified Domestic Relations Order (QDRO) is an Order that details for the plan administrator how the account is to be distributed between the parties.
Pensions often have specific rules regarding what a spouse's portion will be in the event of a divorce that depend on the length of service/time on the job, the elections made, and the length of the marriage. If you are considering divorce you should contact your local representative or pension administrator to understand what impact a divorce will have on your pension.
Call Phipps at (813) 600-3201 or Contact Us to schedule a free 15 minute telephone consultation to better understand your rights and to learn how legal representation may benefit you with your specific situation.