Fort Lauderdale Divorce And Retirement Planning Tips

Getting a divorce represents a major change. In the aftermath, financial impacts could affect you now and for years to come. This is particularly true when it comes to retirement planning and your rights regarding your spouse’s benefits. Our Fort Lauderdale divorce lawyer offers tips to help ensure you are provided for, now and in the future.

Your Rights To Retirement Benefits In A Fort Lauderdale Divorce

As a married couple, your plans for retirement were likely closely tied to those of your spouse. Freed from the obligation of and with money saved, you may have made plans to travel, pursue new hobbies, and spend more time with children. If you relied on your spouse’s retirement benefits and are getting a divorce in Fort Lauderdale, you may be wondering how you will provide for yourself now and once you reach retirement age.

It is important to be aware that, under the Florida Statutes, you are entitled to a fair share of all property and assets earned, acquired, or otherwise accumulated over the course of your marriage. This includes all real estate and personal property, shares in businesses, and financial accounts, as well as your spouse’s retirement benefits. These may include:

• Pensions;
• Proceeds from profit-sharing or stock option plans;
• IRAs, 401ks, and other retirement accounts;
• Benefits available through government agencies, including Social Security and the Veterans Administration.

Retirement Planning During Divorce

After potential years of being in a bad marriage, you may be eager to finalize your divorce. However, before agreeing to a settlement or any final orders, make sure plans for your future are addressed. The following tips can help to ensure you are provided for, now and in the years to come:

• Make a thorough list of all marital property and assets: Getting the maximum amount you are entitled to in a divorce can help you recover financially in the aftermath and build future security.
• Consider your rights regarding spousal support: If you make less than your spouse or sacrificed your career for your marriage, you may be entitled to spousal support;
• Include insurance: Make sure any insurance proceeds are reasonably distributed and include a provision requiring your spouse to obtain life insurance, to protect your rights regarding any financial settlements and spousal or child support payments;
• Carefully consider the best way to handle retirement proceedings: To obtain your portion of money in retirement accounts, you will generally need a Qualified Domestic Relations order. Make sure this is issued as part of your divorce. Give careful consideration to how distributions are made as well, to avoid tax penalties.

Consult With Our Fort Lauderdale Divorce Lawyer

If you are considering getting a divorce in Fort Lauderdale, consult with the Law Offices of Vanessa L. Prieto. We protect your rights and help ensure you are provided for in the aftermath, both now and in the years to come. Call or contact us online to request a consultation with our Fort Lauderdale divorce lawyer today.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html

blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/

irs.gov/retirement-plans/plan-participant-employee/retirement-topics-divorce