Protecting Your Retirement When Getting A Divorce In Tampa

The breakup of a marriage is always heartbreaking, but getting a divorce offers the opportunity to make a fresh start. However, you need to be on your guard during divorce-related hearings. Decisions you make now can impact your life for years afterward.

You have the right to a portion of all marital assets, including retirement benefits. Our Tampa estate planning lawyer explains how to get your fair share.

Your Rights To Your Spouse’s Retirement Benefits In Divorce

According to a CNBC News report issued in early 2024, the average cost of retirement in Florida is nearly $60,000 per year. If you are retired for 25 years, that means you would need nearly a million dollars.

If you are currently going through a divorce in Tampa, retirement may be the last thing on your mind. You are likely busy negotiating rights to property, such as homes or vehicles, and the care of any children. However, be aware that under the Florida Statutes, retirement benefits are considered marital property.

You have a legal right to a fair share of savings your spouse accumulated through the years of your marriage. In terms of retirement benefits, this includes:

• Pensions offered through their employer;
• Profit-sharing plans;
• 401(k), IRA, or other retirement accounts;
• Veterans administration retirement benefits;
• Social Security retirement benefits. 

Protecting Your Retirement Plans After A Tampa Divorce

When filing for a divorce through the Hillsborough County Court, marital property division plays a major role in your financial recovery. When it comes to providing for yourself in future years, there are simple steps you can take now to protect your rights. This includes:

• Consider any Social Security or other government retirement benefits you may be entitled to and the forms you may need to fill out;
• Make a list of any pensions or other retirement benefits your spouse is likely to receive through jobs they have held over the years;
• Review tax returns and monthly financial statements to determine the total amount in IRAs or other accounts;
• Give careful thought to how you might roll over retirement funds you receive as part of a divorce settlement in order to avoid tax penalties.

Getting the maximum amount you are entitled to in terms of other marital property and assets and potential alimony payments in your Tampa divorce is important in retirement planning as well. These can help offset your current costs so that you can save for the future.

Request A Consultation With Our Tampa Divorce Lawyer Today

Financial decisions made during Tampa divorce proceedings have the potential to impact you for years to come. To protect yourself and your rights in a divorce settlement, get the caring support and trusted legal guidance you need at Bubley & Bubley, P.A. We fight to get the maximum amount you are entitled to, so that you can provide for yourself now and during retirement. To request a consultation, call or contact our office online today.

Sources:

cnbc.com/2024/01/15/how-much-money-you-need-to-retire-in-every-us-state.html

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.052.html

hillsclerk.com/court-services/family-law