If I File For Divorce, Will My Wife Get My Retirement Savings?
Q. If I file for divorce will my spouse get my retirement?
A. Retirement accounts can be classified as a “marital asset.” Florida law defines “marital assets” as assets acquired and liabilities incurred during the marriage, individually by either spouse or joint by them and the enhancement in value and appreciation of nonmarital assets resulting from the efforts of either party during the marriage. What this means is that if you begin a retirement account during the marriage, even if it is titled in your name only, it will likely be considered a marital asset. Likewise, if you had a retirement account before you got married, but contributed to that account with money that was earned during the marriage, then the enhancement in value of that account that came from marital funds is a “marital asset.”
However, this does not mean that your spouse will necessarily be entitled to any portion of your retirement account. A significant portion of any divorce case is identifying and valuing all of the marital assets so that they can be equitably divided. Generally, the Courts will award each Party fifty percent of the marital assets. If your spouse primarily receives other marital assets from the distribution, you may be able to keep the entirety of your retirement savings.
The amount of your retirement savings that may go to your spouse in a divorce case will depend significantly on the value of the other marital assets and how they are distributed. We recommend meeting with an experienced divorce attorney to discuss what assets may be subject to distribution in your case, and develop a strategy for how best to preserve those assets that are most important to you. Max Factor has over 25 years of experience in family law and divorce cases. Contact Max today to schedule a consultation to discuss your marital assets and how they may be best divided up.