Posted by Nydia Streets of Streets Law in Florida Divorce
How is a retirement account divided in a Florida divorce? Usually, the marital portion is divided, and this consists of the value of the account on the date of filing for divorce minus the value of the account as of the date of marriage. The value of the account as of the date of marriage is considered the separate, non-marital property of the spouse who owns the account. How about interest on the non-marital portion of the account? This was an issue in the case Balazic v. Balazic, 5D21-1804 (Fla. 5th DCA December 22, 2022).
Posted by Nydia Streets of Streets Law in Florida Divorce
What is a qualified domestic relations order (QDRO) in a Florida divorce? This is an order, separate from a final judgment of divorce, that instructs a retirement plan administrator on how to divide a retirement account or pay money from a retirement account to a spouse. It is a specialized order with specific formatting and wording that may vary among different retirement accounts. The entry of a QDRO was an issue in the case Travis v. Travis, 5D20-2617 (Fla. 5th DCA July 1, 2022).
sted by Nydia Streets of Streets Law in Florida Divorce
What is a qualified domestic relations order (QDRO) in a Florida divorce? Separate from the final judgment, this is an order that is required by most retirement plans to distribute funds within the plan. So when a marital settlement agreement or final judgment entitles a spouse to some percentage or sum of a spouse’s retirement account, the QDRO is entered and sent to the plan administrator to effectuate a payout from the account to the non-owner spouse. In the case Johnson v. Johnson, 1D18-3966 (Fla. 1st DCA October 30, 2019), the former wife sought to obtain a QDRO 20 years after her final judgment was entered.
