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Retirement plans and Divorces -Legal Lotus, Miami Trial & Family Lawyers


Legal Lotus, Miami Trial & Family Lawyers Per Florida Statute, any benefits, rights, and/or funds accrued during the marriage in retirement and pension plans are considered marital property subject to equitable distribution. Retirement and pension plan benefits are treated as marital property because they are considered a contractual right received during marriage in lieu of higher compensation, which would have otherwise increased the value of the marital property or the parties’ standard of living. It is important to note that the entire value of a particular retirement plan or pension is not necessarily considered marital property that is subject to division. Instead, only that amount of the plan that was earned or built up during the course of the marriage is subject to division. In other words, Florida Courts divide retirement accounts in half, based on the accumulated value during the duration of the marriage. Division of retirement benefits also requires the preparation of a Qualified Domestic Relations Order, or QDRO. This order establishes the former spouse’s legal right to receive benefits of a qualifying retirement plan. There can be significant tax consequences if a QDRO is not prepared or is prepared incorrectly; and therefore, it is highly recommended that you speak with a professional. Have more questions? Let us know by sending an email to questions@legallotus.com and we will do our best to develop content directed to your question. For more information: Check out and subscribe to our YouTube Channel: Check out our blog at Follow us on Instagram at Like us on Facebook at Visit our website at Shop our Legal Templates at No Attorney-Client Relationship or Legal Advice: Communication of information by, in, to or through this video and webpage and your receipt or use of it: (1) is not provided in the course of and does not create or constitute an attorney-client relationship; (2) is not intended as a solicitation; (3) is not intended to convey or constitute legal advice; and (4) is not a substitute for obtaining legal advice from a qualified attorney. You should not act upon any such information without first seeking qualified professional counsel on your specific matter. The hiring of an attorney is an important decision that should not be based solely upon website or video communications or advertisements. Feel free to contact us if you need legal assistance. #LegalLotus #FamilyLawyers #Divorce #TrialLawyers #FloridaLaw...(read more)


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