Couples in Florida have to divide their property and debts equitably. That process frequently begins with the creation of an inventory of marital assets and debts. From there, spouses can begin negotiating terms for property division or preparing evidence for court proceedings.
When creating an inventory of assets and debts, determining what may be separate property is an important step. State law allows people to preserve certain resources as their separate property when they divorce. Those assets are not subject to division if the spouse claiming the property is separate has financial evidence backing their assertions.
Can one spouse claim their pension as separate property during divorce proceedings?
Pension contributions are often marital
The confusion about pensions is easy to understand. A pension account is typically in the name of just one spouse, as it is a benefit provided by their employer. Additionally, they may have begun accruing the pension before getting married.
While pension balances accumulated prior to marriage may be separate property, any amounts accrued during the marriage are likely marital property. Spouses may need to review financial records thoroughly to determine how much of the balance they can protect as separate property.
In some cases, it may be possible to directly divide a pension using a qualified domestic relations order (QDRO). Other times, spouses can use the value of the pension to balance other major decisions made about the marital estate.
Learning more about equitable distribution rules in Florida can help spouses protect themselves and their most valuable resources. For those facing complicated, high-asset divorces, the assistance of a family law attorney can help them identify marital property and push for a fair final settlement.