How to Protect Retirement During Divorce in St. Petersburg
Know your rights when it comes to protecting your pensions and 401Ks during a divorce in St. Petersburg, Florida
Pension issues are not confined to seniors. Younger divorcing couples should also consider how each spouse’s retirement funds should be divided. You have worked hard and will need to protect retirement savings. You deserve to reap the benefits of a financially secure future. The St. Petersburg Divorce Lawyer, William B. Bennett, P.A. has more than 25 years of experience developing methods that can help you protect your assets at a time when your savings are most vulnerable.
Military retirement
Current and former military personnel are subject to special rules concerning the division of their retirement accounts during divorce. The Uniformed Services Former Spouses Protection Act (USFSPA) established procedures for the distribution of benefits to the former spouses of service members. USFSPA does not specify how the pension should be divided, but gives state family courts the authority to decide an equitable division of the fund. Whether you are a military member or spouse, we can advise you on your rights under Florida family laws and federal regulations.
ERISA
Private pension plans are governed by federal regulations — primarily the Employment Retirement Income Security Act of 1974 (ERISA), the Retirement Equity Act and the Internal Revenue Code of 1986. Federal laws permit state courts to order division of the assets of a private pension plan accumulated throughout a marriage during the divorce. Our assertive litigation team pursues your fair share of your retirement funds and those belonging to your spouse.
QDRO
Because many couples contribute substantial amounts of their incomes to fund their retirement plans, most pensions are considered marital property. The division of pension funds is included in a qualified domestic relations order (QDRO). A precisely-crafted QDRO is required for the administrator to pay benefits to the fund participant’s former spouse. We draft a document that follows the stringent requirements for a valid QDRO and instruct you about collecting the amount that is rightfully yours when you retire.
Protect your rights to equitable distribution of retirement with the help of strategic St. Petersburg divorce lawyers
Your financial future depends on making sound decisions during your divorce proceedings. How you handle asset protection and distribution is critical. Call St. Petersburg family law firm William B. Bennett, P. A. at (727) 821-8000 or contact us online and speak to an experienced St. Petersburg Divorce Lawyer who can advise about your rights to retirement funds.