You have worked hard for the money that you have saved and set aside for retirement, and you may fear that an impending divorce could take a big portion of it. The truth is that divorce will likely impact your retirement in some way, but that does not necessarily mean that you will have to halt or change your long-held dreams for your golden years
Your retirement accounts accumulated over the course of your marriage are marital property, which means that they are subject to division with your spouse. However, that does not mean that you should not make the effort to protect your interests regarding your future financial security. An experienced Florida attorney can help you navigate your divorce in a way that allows you to still move forward toward a secure future.
The division of long-term savings
Your ex-spouse will likely have a rightful claim to a portion of your retirement accounts. When your spouse will have access to the money will depend on the type of account in question, but it may be immediately or upon your retirement or death.
When it comes to your money and your future, it can help to know what to expect regarding the division of some of your most important assets. You may need to know the following about what could happen to your long-term savings:
- The court could reward a portion of your retirement savings to a child, former spouse or other dependent by using a Qualified Domestic Relations Order.
- A court order may determine the distribution of your retirement savings, as can a court-approved property division settlement.
- You have the right to pursue a final order through negotiation and discussions, avoiding the need for litigation over retirement assets.
One of the ways that you can retain control over what happens to your retirement is to work on a negotiated agreement instead of relying on a court to make these important decisions for you.
How you can keep your future intact
It is normal to have concerns about your financial future after a divorce. You will find it beneficial to consider how the decisions that you make will impact your life not only in the years following a divorce but also long into the future. You may not be able to prevent your soon-to-be ex-spouse from claiming a portion of your long-term savings, but that does not mean that you will lose everything you worked hard to save.
You will find it beneficial to seek the guidance of an attorney who can help you protect your financial interests during divorce, giving you confidence in the future and in your retirement plans.