Written by: Lenorae Atter, Attorney at Law
Retirement accounts in our economy can be up and down, but one thing remains the same, in a Florida divorce your retirement that has been contributed to or earned during the marriage is one-half your spouse’s. Divorce in Florida is based on a premise that everything collected, including assets, debts and retirement accounts are going to be split equally between the parties. The concept is known as equitable distribution and it’s different in Florida than in some other states.
In some states, if both parties have a retirement account, regardless of value, then each take his or her own. In Florida, regardless of whether an account exists or should exist, the value of the accounts is what matters. If the Husband has a 401k with approximately $50,000 and the Wife has a 401k with an approximate value of $150,000, then their combined retirement is $200,000 (if all was contributed to and collected during the marriage. So, the court will look to split the $200,000 between the parties and the Wife’s account may be depleted by $50,000 and rolled into the Husband’s account to may his total $100,000 and her total $100,000.