Divorce can be a difficult process financially for those involved, and the process of dividing up assets can be even more difficult. Assets are often one of the main debates in a divorce and can cause great emotional pain for individuals if they feel that they were given an unfair deal. However, there is one asset that could be overlooked by some Florida residents and therefore could be dealt with unfairly.
Cars and houses are some of the most obvious assets that married couples generally share and divide when they divorce, but one asset that could be easily overlooked is the retirement accounts of the individuals involved. Many companies set up a system to help individuals with their retirement funds; therefore, some people may have a substantial amount of money stored in their retirement account. However, during a divorce, the other person involved may have a right to part of the individual’s retirement.
First, an individual may need to find the retirement accounts of the other spouse. This could be as easy as asking, but professional help may be needed to find these accounts if the other spouse is uncooperative. After the accounts are found, state or federal regulations may need to be referenced to see how the assets should be split.
Hopefully, Florida residents will be able to easily find the respective retirement accounts and can divide them up in a civil and fair manner during their divorce. If this cannot be achieved, there are professionals who are trained to find these accounts and are familiar with the regulations regarding their division. These professionals could help ensure that no individual is slighted during the division.
Source: The Huffington Post, “The #1 Most Overlooked Divorce Asset“, Daniel Sentell, Oct. 2, 2014