Retirement benefits after divorce

On behalf of Furr & Cohen, P.A. posted in Divorce on Wednesday, July 13, 2016.

Many assets are divisible during a divorce. One asset that may hold some of the greatest worth is your spouse’s retirement fund. You may have been counting on that for your future, and because it is part of your marital property, you have rights to it even after you and your spouse divorce.

However, even though you are entitled to your share of any retirement fund, you must obtain approval of a Qualified Domestic Relations Order in order to be granted any funds. The Division of Retirement approves pension plan QDROs, and the investment plan’s administrator, Aon Hewitt, approves investment plan QDROs.

Simply because a retirement plan is earned by one spouse, it does not mean it is a benefit that can only be awarded to one spouse. Some spouses never earn an income but save the family money by working from within the home, either as a stay-at-home parent, a manager of a family business or the keeper of the homestead and perhaps manager of the family affairs without a business attached to them. Regardless, this spouse may have completely relied on the retirement covering their golden years as well. Thankfully, this is recognized by the administrators of these funds.

If you have questions or concerns about how to go about filing for a QDRO in a timely manner following your divorce, you may benefit from speaking with a divorce attorney in Florida. A local firm can work with you to ensure your needs are met and that you retain the coverage you need as you age and rely on these investments.