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Brandon Family Lawyer: What happens to retirement accounts during a Tampa divorce?

Brandon Family Lawyers are often asked about checking, savings and retirement accounts and how they are divided during a divorce.  Retirement accounts are often hot issues for folks getting divorced because generally they are most folks’ largest assets, aside from a marital home, if it has any equity in today’s shaky real estate market.  Fortunately, the answer is relatively simple in that retirement accounts are generally considered marital assets by the court and subject to equitable distribution. We discuss equitable distribution more fully elsewhere in our Tampa divorce attorney blog, but for purposes of this blog equitable distribution is the way the courts distribute marital assets and marital debt in an equitable fashion. Generally, the court simply starts out splitting those assets and debts 50/50.  It is ultimately up the parties to prove why it shouldn’t be equally distributed. Florida Statute Section 61.075 provides the general, specifics of Florida Law requiring equitable distribution.

It is worth noting though, that portions of a retirement account that were amassed prior to the marriage are considered non-marital and are not subject to equitable distribution.  This is similar to other non-marital accounts or items.  Generally, it is simply determined by looking at old statements from the retirement accounts and deducting any amounts developed in those accounts prior to the marriage of the parties.

If you have questions concerning equitable distribution of your assets during your Brandon divorce, contact the Brandon Family Lawyers of Hackworth Law for a free case consultation. We’ll sit down and determine an effective way to protect your rights and your future interests beyond your Tampa divorce. If you’d like to contact one of our Brandon Family Lawyers immediately, please use the “Contact Us Now” tab in the upper right hand corner of our website. We appreciate your time in checking out or blog and look forward to working with you in the future.