Divorce can have a significant effect on your retirement plans. It means you no longer have someone to share it with, and you will have less money to fund it with.
You can of course find a new partner and earn more money, but you still need to understand what happens to things such as retirement funds and pensions when you divorce.
A Florida court will seek an equitable division of your total marital assets when divorcing. Most retirement funds and pensions fall into this category. So, what the court would do is look at how long you were married and your respective retirement fund situations to come up with a form of division it considers fair.
If you each have great pensions, the division may be unnecessary. If only one of you does, the other might be entitled to some share of it. The longer you were married during the time the person contributed to that fund, the greater that will probably be.
What if you receive a share of your spouse’s pension?
You can take out a qualifying domestic relations order (QDRO) to take any share the court awards you without delay. It removes the chance that your spouse can try to obstruct you from doing so in the future.
What if you do not want to give up a share of your retirement accounts?
You could offer to give them something else in exchange. While that may mean a short-term sacrifice you retain the security of your entire account for later life.
Getting help to understand your legal obligations and options will be crucial to making divorce decisions that stand you in good stead for the future.