Florida Retirement and Pension Division Mediation Lawyer

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187 Washington Ave, Suite 2F
Nutley, NJ 07110

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28 Valley Road, Suite 1
Montclair, NJ 07042

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Retirement and Pension Division Mediation Attorney in Florida

Retirement and pension accounts are essential to consider during a divorce. Having access to these savings can alleviate financial stress and provide stability throughout your retirement. With a mediated divorce, you and your spouse can find the right way to divide these assets, enabling you both to set yourselves up for financial security in your futures. A Florida retirement and pension division mediation lawyer can offer guidance on how to split these savings.

Shore 2 Shore Mediation: Skilled Divorce Mediators

Shore 2 Shore Mediation is a highly experienced team of Florida Supreme Court-certified mediators. We have a deep knowledge of Florida’s retirement mediation laws, allowing us to provide skilled guidance in retirement and pension division mediation cases. We understand that everyone’s financial assets and retirement goals are unique, which is why we use a personalized approach to each case. 

Beyond being certified mediators in Florida, we also offer services in New Jersey. This allows us to help snowbird couples navigate divorce proceedings when they have assets and pensions in both states. 

Understanding How Retirement and Pension Assets Are Divided in a Divorce

Typically, retirement and pension plans are split between couples. However, it is not as simple as a 50/50 split. The value of these savings must be carefully calculated to determine the value of contributions made before and during the marriage. Contributions made before the marriage are generally kept separate, while contributions during the marriage are divided equally.

When you choose a mediated divorce, you aren’t subject to strict division practices. Retirement mediation laws allow you and your spouse, under the guidance of a certified mediator, the ability to split assets on your own terms. 

Why Mediation Is the Right Choice for Fair Asset Division?

Mediation involves transparent discussions and negotiation between spouses to achieve a mutually favorable agreement about divorce issues, such as retirement accounts and pensions. These discussions are facilitated by a mediator, an unbiased party who can offer a professional perspective on the issue. They can guide you toward an agreement that is right for your situation. 

Mediation allows for flexible solutions that can offer more personalization, compared to the retirement savings division that occurs in traditional divorce litigation. This is essential to avoid financial hardship or unfairness during division. 56% of married Americans say that a divorce would derail their financial strategy for retirement. With mediation, you can feel confident that you have a savings plan to support you throughout your retirement. 

Part of finding the right strategy for dividing retirement-related assets is navigating the potential tax burden associated with transferring them. If you hire a retirement and pension division mediation lawyer, they can identify strategies to help you avoid tax penalties, such as by using a Qualified Domestic Relations Order (QDRO) that can apply to many pensions and employer retirement plans. 

Why You Should Hire a Retirement and Pension Division Mediation Lawyer for a Gray Divorce?

While considering retirement accounts is important, no matter your age, it is even more critical for gray divorces. Of all divorcing adults, 36% are aged 50 or older, leaving many to consider how their divorce impacts their retirement. A Florida retirement and pension division lawyer understands the complexity of divorce for older adults, so they can help you build a plan that leaves you confident in your retirement plan. 

Some reasons legal guidance is essential for retirement assets include:

• High value. Older adults have accumulated higher savings, with the average balance of a 401(k) being $192,300 for Gen X, while Millennials only have an average balance of $67,300. This is often higher in Florida, with an increased cost of living in places such as Palm Beach. After years of working to build these savings, they can become some of the most significant assets in your marital estate. 
• Closer to retirement. Getting a divorce when you are closer to retirement leaves you less time to rebuild your savings before you leave the job. Having a strong retirement strategy during and after your divorce can prevent you from extending your time in the workforce. 
• Evaluating interest on pre-marital contributions. While you can choose the division strategy during mediation, the traditional method does involve separating pre-marital contributions from marital contributions. This involves careful calculations to determine the value of contributions made before the marriage, considering the increase in value over time. 

FAQs

Can Your Spouse Get Half of Your Pension If You Divorce?

Yes. Even if a pension was acquired through one spouse’s job, it is still considered marital property if contributions were made by your employer during the time you were married. This means it may be subject to being split between spouses. A Florida retirement and pension division mediation attorney can explain what options there are for fairly dividing different pension and retirement accounts. 

How Do You Protect Your Pension During a Divorce?

To protect your pension, you should hire a retirement and pension division mediation lawyer to work on a fair split. They can prevent unnecessary or unfair losses by correctly valuing your accounts and any pre-marital contributions that can be kept separate. A lawyer can also protect the value of your pension by using a QDRO to minimize tax burdens. Additionally, if you have a prenuptial or postnuptial agreement involving your pension, a lawyer can help you enforce it. 

What Types of Retirement Accounts Can Be Divided During Mediation?

Any of your retirement assets can be addressed and divided during mediation. These include employer-sponsored plans, like 401(k), 403(b)s, and other pensions, and IRAs. Government and military plans can also be considered during mediation. A lawyer can evaluate your financial accounts to determine what retirement accounts are subject to division. 

Can You Avoid Splitting Retirement Accounts?

Yes, in some cases, you can avoid splitting up retirement accounts. To do this, one spouse may keep one retirement account while the other spouse keeps a different account of similar value. Additionally, one spouse may keep retirement savings while the other receives other assets of similar value. If this is the plan you wish to pursue, you should hire a lawyer who can work to keep you on track for retirement.

Speak With an Experienced Florida Retirement and Pension Division Mediation Attorney

Shore 2 Shore Mediation can help you protect your future during a divorce. Contact us today to set up a free consultation for your retirement and pension division mediation case.