How Property Is Divided in a Florida Divorce
When one spouse has significantly higher income and earning potential than the others, it is possible for the Florida courts to order the higher-earning spouse to pay ongoing support for the other, which is commonly called alimony or spousal support. Many times, instead of simply splitting the value of a pension account, the courts will consider assigning spousal support when the pension disperses.
That means that once you start receiving pension payments, a portion of that will go to your ex. A common concern among people facing a divorce with retirement accounts is the potential for financial penalties. After all, K, Roth IRAs and other accounts often have substantial penalties, including taxes, built-in to the disbursement process.
Yes, you will have to split your retirement in a Florida divorce
Even if the account is in your name, your retirement funds are likely marital property In order to decide who gets what, the courts look at an inventory you provide of all the assets and debts from your marriage.
Equitable Distribution Frequently Asked Questions
Pension accounts may impact spousal support When one spouse has significantly higher income and earning potential than the others, it is possible for the Florida courts to order the higher-earning spouse to pay ongoing support for the other, which is commonly called alimony or spousal support.
Search for:. Recent Posts How financially straining is gray divorce? Email Us For A Response. Here are the basics of what you need to know. Florida is an equitable distribution state, meaning Florida law requires a fair division of property between the formerly married parties.
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Any marital property acquired during the marriage will be divided fairly during the divorce process, while non-marital property will remain separate. Property generally includes assets, income, and liabilities.
Marital Property. Unless a couple has a valid documented agreement that states otherwise, marital property includes all property and assets acquired during marriage.
If a particular property was acquired, purchased, or earned during the course of a marriage, it is considered marital property, regardless of whether it was acquired by one or both spouses. Gifts given from one spouse to another are also typically treated as marital property, as are certain retirement benefits. Non-marital property.
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Non-marital, or separate property, is not included in property division during a divorce. Non-marital property typically includes property or assets acquired before a marriage, or acquired during the marriage as inheritance or gift by someone other than the other spouse.
Non-marital property also includes income earned from non-marital assets—such as rental property owned prior to a marriage. Comingled property. Distinguishing marital and non-marital property can become even trickier if the spouses have comingled, or combined, marital assets with spate assets.
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A common example of comingling occurs when one spouse adds their spouse to a personal bank account created before the marriage. In Florida divorce, courts require a fair division of marital property between spouses. A court may decide that an equal division of marital assets is unfair after considering a variety of factors, including:.
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