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Tampa Retirement & Pension Division Attorney

If you are considering divorce in Florida, it is essential to understand that pensions and retirement accounts will likely be subject to property division. State law dictates that all marital assets are divided fairly, although not necessarily equally, during divorce. Determining whether these assets are marital or separate property is never easy. It is important to work with a Tampa retirement and pension division attorney who can ensure your rights are upheld and that you receive the fair settlement you deserve.

How are Pensions and Retirement Accounts Divided in Tampa?

Pensions and retirement accounts are treated just like any other marital asset in Tampa. The law in Florida requires these assets to first be classified as either separate or marital property. Marital property is divided during a divorce while separate property is not.

In some instances, pensions and retirement accounts are both separate and marital property. For example, a person may work at a good job and earn a portion of their pension before they were married. After marriage, they continue to earn the same pension. If they later divorced their spouse, the portion of the pension earned after the marriage is classified as marital property while any pension earned before marriage is considered separate property and therefore, not subject to division.

QDROs in Retirement and Pension Division

The Qualified Domestic Relations Order (QDRO) plays an important role when pension and retirement accounts are divided. Dividing retirement accounts and pension plans during divorce is complicated because many of these accounts have penalties attached for early withdrawals. Typically, the penalty is ten percent of the retirement funds. A QDRO can prevent a penalty being attached when retirement funds are withdrawn early.

Tax Implications of Dividing Retirement Accounts and Pensions

In addition to the penalties incurred for withdrawing from pensions and retirement accounts early, there are also tax implications to consider. Not all retirement accounts are subject to taxes, and not all tax amounts are the same across the board. As such, it is critical that you and your spouse both consider the tax implications of dividing, or not dividing, retirement accounts.

For example, you may have a 401(k) with $100,000 in it and 50 percent of it may be classified as marital property. Your spouse, on the other hand, may have a Roth IRA that also has $100,000 in it and that has been classified as 50 percent marital property. You and your spouse may agree to each keep your own to avoid complicated property division proceedings because you will each have an equal value. However, while you will have to pay taxes on your retirement account, your spouse will not. This will result in a division that is not equitable and that could result in a settlement that is not as fair.

Our Retirement and Pension Division Attorney in Tampa Can Help with These Complex Matters

Dividing pension and retirement accounts is one of the most complicated aspects of divorce. At Florida Law Advisers, P.A., our Tampa retirement and pension division attorney can provide the legal advice you need to make sure your rights are upheld. Call us now at 1 (800) 990-7763 or fill out our online form to schedule a consultation.

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Tampa, Florida
Florida Law Advisers, P.A.

Tampa, Florida
1120 E Kennedy Blvd, Unit 231
Tampa, FL 33602
Phone: (800) 990-7763

Orlando, Florida
Florida Law Advisers, P.A.

Orlando, Florida
111 N Orange Ave, Suite 800
Orlando, FL 32801
Phone: (800) 990-7763

Dade City, Florida
Florida Law Advisers, P.A.

Dade City, Florida
38100 Meridian Ave
Dade City, FL 33525
Phone: (800) 990-7763