August 02, 2012 (Press-News.org) What Florida Couples Need to Know About Retirement Assets and Divorce
As people are living longer and the reliability of Social Security is more in question, many are devoting a great deal of money to retirement savings plans. Dividing these assets as part of a property division settlement in a divorce can become complicated. Those in Florida who are considering divorce should be aware of how the court treats retirement assets in divorces.
Retirement Assets as Marital Property
Income that either spouse earns during a marriage is considered marital property. Retirement assets are also marital property, since people make deposits into them with marital funds -- no matter if only one spouse's name is on the account. If a spouse opened the retirement account prior to the marriage, the funds in the account would be personal property. However, any appreciation in the value of the funds in those accounts during the marriage is marital property.
Florida Property Division Factors
Florida is an equitable property division state, which means in a divorce the court will divide marital property between spouses in the manner which it believes is most fair -- not necessarily equally. Some of the factors the court considers when dividing property include:
-Each spouse's contribution to the marriage, including homemaking and child-rearing duties
-Each spouse's economic circumstances
-How long the marriage lasted
-Whether either spouse interrupted a career for the benefit of the family
-Whether either spouse contributed to the education of the other
-How much each spouse contributed to the acquisition of assets or debts in the marriage
-Whether one spouse should keep the marital home for the best interests of any children in the marriage
-Whether any spouse intentionally dissipated marital assets
-Any other factors the court believes is relevant
Qualified Domestic Relations Orders
If the couple's retirement assets include a 401(k) account or a company pension plan, the court must issue a Qualified Domestic Relations Order before the administrator of the account can disperse funds to the non-employee ex-spouse. The QDRO will allow people to withdraw funds from one account and deposit them into another retirement account without having to pay early withdrawal penalties.
IRAs and SEPs do not require QDROs, but people still need to exercise caution when dividing funds in these accounts. Unless the divorce settlement contains very specific language about the funds, the spouse who withdraws money from these accounts could incur tax penalties and early withdrawal penalties.
Dividing retirement accounts can be very complex. It is important to have a capable divorce attorney draft the documents involved.
Article provided by Busciglio & Sheridan Law Group
Visit us at http://www.buscigliosheridan.com
What Florida Couples Need to Know About Retirement Assets and Divorce
Those in Florida who are considering divorce should be aware of how the court treats retirement assets in divorces.
2012-08-02
ELSE PRESS RELEASES FROM THIS DATE:
New Virginia DWI Law Requires Ignition Interlock After First Offense
2012-08-02
New Virginia DWI Law Requires Ignition Interlock After First Offense
The Commonwealth of Virginia recently enacted stricter penalties for a first-time DWI conviction. The principal change is that, now, people with one DWI conviction will be required to use ignition interlock devices on their primary vehicles. Before a vehicle with an ignition interlock device will start, the driver must blow into the device, which measures the driver's blood alcohol concentration. If the device detects the presence of alcohol, the car will not start.
New Virginia Ignition Interlock ...
The Busch Group of Companies 1st Annual Golf FORE Animals Tournament a Great Success
2012-08-02
The Busch Group of Companies' 1st Annual Golf FORE Animals charity tournament raised nearly $3,000 for the Ontario Society for the Prevention of Cruelty to Animals (OSPCA)'s Barrie branch.
The charity golf tournament took place at Tangle Creek Golf & Country Club on June 19, 2012. The event saw fifty-two golfers participate in a team best ball challenge, with thirteen teams of four competing for the top spot.
The 1st Annual Golf FORE Animals charity tournament was organized by NetGain SEO's Nathan Allen, Business Development & SEO Specialist, and John Greenway, ...
Mompreneur Celebrates One Year Anniversary by Expanding Gymnastics Center -
2012-08-02
360 Gymnastics, LLC is excited to announce their one year Anniversary with a grand opening of their state of the art gymnastics center in a newly renovated 15,000 square foot location next to the Grand Island Athletic Club in the Wedgewood Commons Plaza, at 3216 SE Federal Highway in Stuart, Florida. 360 Gymnastics and owner, Valerie Mas are looking forward to many more years in this new location and are honored to be able to celebrate one year in business, serving the Treasure Coast.
The new gymnastics facility is part of 360 Gymnastics continued success and will provide ...
Four Celebrate 20 Years of Service at Bury Rail Engineers Rowe Hankins
2012-08-02
Rowe Hankins has paid tribute to four stalwart employees who have played a key role in the past and growing success of the company. The Mayor of Bury, Councillor Joan Grimshaw, made special presentations.
The recipients of the long service awards included finance administrator Joanne Later, stores supervisor Bernard Shaw and engineer, Mark Hunt. The mayor was joined in making the presentations by managing director Amanda Jones who, herself, received an award for 20 years' service with the company.
Joanne started as an office trainee, then went on to gain experience ...
Content Hub by Knexus - 'Dakar' Version Released
2012-08-02
Knexus, the Cloud technology company specializing in Content Engagement Tools for leading brands, today announced the latest version of its Content Hub tool, named 'Dakar.
Content Hub gives marketers the ability to instantly create a visually rich hub for their content to drive online customer engagement. By combining videos, images & other rich content with targeted social interactions, companies can deliver a highly engaging online experience embedded into a 'brand.com' site or through a micro-site.
The new version of Content Hub continues to provide brands ...
Nexen Supplies Diesel Forklifts to One of the UK's Largest Builders Merchants
2012-08-02
For over 50 years the family business of George Tufts & Son Ltd have been supplying Timber, Building and Sheet Materials to the Building, DIY and Agricultural Trades throughout the Norfolk - North Suffolk and the South Lincolnshire areas. Located in the village of Bradenham situated mid-way between the market towns of Dereham, Swaffham and Watton they operate from probably the largest Builders Merchants Yard in the County.
When it came to their new Fork Lift Truck requirements, Tufts of Bradenham decided to purchase from UK company Nexen Lift Trucks. Current managing ...
Northern Star Shines the Spotlight on Scottish Tradition By Making Ceilidh a Part of Their Set
2012-08-02
Ceilidh is an important Scottish tradition that is characterised by dancing to an informal music. As a fundamental part of Scotland's social gathering, popular Scottish wedding band Northern Star shines the spotlight to this fun tradition by embracing Ceilidh and including it in their set whenever they play in different functions.
Northern Star _http://www.northernstarmusic.co.uk/_ has been playing in weddings and other important functions in Scotland for the past 12 years. Their experience as well as their varied musical offerings are what made them one of the most ...
Michael Nohaile, Novartis Molecular Diagnostics, Featured at Biomarker Summit, Sept. 5th-7th, Zurich
2012-08-02
Michael Nohaile, Global Head of Novartis Molecular Diagnostics, will give a featured presentation on ¡ The Biomarker is Not the End ¨C It¡¯s Just the Beginning¡¯ at GTC¡¯s 2nd Biomarker Europe Summit (Sept 5th-7th, 2012 in Zurich, Switzerland)
What do drug discovery and translational scientists need to know to take their qualified biomarkers and turn them into marketable validated companion diagnostics? Sometimes it¡¯s not what you know, but who you know. As drug discovery and translational scientists think about using stratification with biomarkers to improve the chances ...
Combination Breast Procedures Gaining Popularity, Surgeon Says
2012-08-02
Women seeking plastic surgery in Vancouver to enhance their breasts are increasingly opting to have a breast lift in addition to implants, says Dr. Peter Lennox, a Vancouver plastic surgeon.
"There are a number of situations where combining the two procedures can be beneficial," Dr. Lennox says. "Many times, a woman will seek breast augmentation because she has experienced a loss of volume in her breasts, either as a natural part of the aging process or as a result of pregnancy and breastfeeding.
"Breast implants have received so much attention ...
Hypnosis Internship Now Available with Dallas Hypnosis Career Training
2012-08-02
Subconscious dreams are coming true for a dedicated group of newly certified Hypnotist's thanks to an innovative internship program offered by nationally renowned Dallas Hypnosis Career Training School. Hands on supervised training with actual clients allows the Certified Hypnotist to grow their skills by leaps and bounds in a controlled safe environment.
Dallas Hypnosis Career Training is a Career School for Hypnosis Training licensed by the State of Texas, which means the school is subject to the same strict monitoring from the Commission as other academic and Career ...
LAST 30 PRESS RELEASES:
Researchers reveal key differences in STING inhibition between humans and mice
Researchers generate lung cells from mouse fibroblasts in just 7 to 10 days
Prizewinner’s research reveals how immune responses to friendly skin microbiota could pave way for novel vaccination responses
Old aerial photos give scientists a new tool to predict sea level rise
20 million for courageous research at ISTA
Ships trigger high and unexpected emissions of the greenhouse gas methane
Optimizing laser irradiation: An in-silico meta-analysis of skin discoloration treatment
Climate crisis could force wild vanilla plants and pollinating insects apart, threatening global supply
Teens report spending 21% of each driving trip looking at their phone
Study explores the ‘social norms’ of distracted driving among teens
Diver-operated microscope brings hidden coral biology into focus
Enhancing the “feel-good” factor of urban vegetation using AI and street view images
A single genetic mutation may have made humans more vulnerable to cancer than chimpanzees
Innovative nanocomposite hydrogel shows promise for cartilage regeneration in osteoarthritis treatment
2025 Guangci Laboratory Medicine Innovation and Development Conference
LabMed Discovery is included in the ICI World Journals database
LabMed Discovery is included in the China Open Access Journal (COAJ) database
Vaccination support program reduces pneumonia-related mortality by 25 percent among the elderly
Over decades, a healthy lifestyle outperforms metformin in preventing onset of Type 2 diabetes
Mental health disorders, malaria, and heart disease most affected by covid pandemic
Green transition will boost UK productivity
Billions voted in 2024, but major new report exposes cracks in global democracy
Researchers find “forever chemicals” impact the developing male brain
Quantum leap in precision sensing across technologies
Upgrading biocrude oil into sustainable aviation fuel using zeolite-supported iron-molybdenum carbide nanocatalysts
For effective science communication, ‘just the facts’ isn’t good enough
RT-EZ: A golden gate assembly toolkit for streamlined genetic engineering of rhodotorula toruloides
Stem Cell Reports announces five new early career editors
Support networks may be the missing link for college students who seek help for excessive drinking
The New England Journal of Medicine shines spotlight on forensic pathology
[Press-News.org] What Florida Couples Need to Know About Retirement Assets and DivorceThose in Florida who are considering divorce should be aware of how the court treats retirement assets in divorces.