Is Your Spouse’s Retirement Fund Subject to Equitable Distribution in a Jacksonville Divorce?

judge.jpg

Is Your Spouse’s Retirement Fund Subject to Equitable Distribution in a Jacksonville Divorce? Yes. The Florida Statutes and case law is clear that all marital property is subject to equitable distribution. In dissolution of marriage proceeding, the Jacksonville court will request a list of both parties’ assets (and liabilities). The assets that were acquired during the marriage as well as any increased value of the assets during the marriage due to marital funds or marital efforts are considered marital property.

A retirement fun or pension plan is money that is set aside for an employee after he/she is no longer working. A pension plan is defined as deferred compensation. Both the employer and employee contribute to the fund during the course of the employee’s employment. A spouse’s income during the marriage is subject to equitable distribution, so a spouse’s pension plan is also subject to equitable distribution.

Equitable distribution is the process of how a Jacksonville judge will divide marital property during a divorce. The objective of equitable distribution in Florida is to distribute the spouse’s property fairly between the two parties. Under Florida law, the court must first decide the equitable distribution of marital assets and liabilities before it makes any spousal support determinations. The court will first determine which property is “marital property” and which property is “non marital properly.”

According to Florida Statute 61.076, “all vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs are marital assets subject to equitable distribution.” For more information, see Florida Statute 61.076.