• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Law Office of A. James Mullaney

Jacksonville Divorce Lawyer | Florida Family Law Attorney & Mediator

CALL US NOW (904) 858-4334
  • Home
  • Practice Areas
    • Divorce
      • Alimony
      • Child Support
      • Child Support Calculator
      • Cohabitation Divorce in Jacksonville
      • Contested Divorce
      • Equitable Distribution
      • Military Issues
      • Parenting Plans
      • Relocations
      • Time Sharing and Visitation
      • Uncontested Divorce
    • Mediation
    • Paternity
      • Child Support
      • Florida Child Support Calculator
      • Parenting Plans
      • Time Sharing and Visitation
    • Other Family Law
      • Annulment
      • Contempt
      • Domestic Violence
      • Modifications
      • Prenuptial Agreements
    • Collaborative Divorce in Jacksonville
  • Video FAQ
  • Portal
  • Blog
  • About
  • Contact
  • Home
  • Practice Areas
    • Divorce
      • Alimony
      • Child Support
      • Child Support Calculator
      • Cohabitation Divorce in Jacksonville
      • Contested Divorce
      • Equitable Distribution
      • Military Issues
      • Parenting Plans
      • Relocations
      • Time Sharing and Visitation
      • Uncontested Divorce
    • Mediation
    • Paternity
      • Child Support
      • Florida Child Support Calculator
      • Parenting Plans
      • Time Sharing and Visitation
    • Other Family Law
      • Annulment
      • Contempt
      • Domestic Violence
      • Modifications
      • Prenuptial Agreements
    • Collaborative Divorce in Jacksonville
  • Video FAQ
  • Portal
  • Blog
  • About
  • Contact
Call
Blog
Contact

What happens to an IRA or 401k in a divorce in Florida?

8 Jul 2016 By Jim Mullaney

Question: What happens to an IRA or 401k in a divorce in Florida?

An IRA or 401(k) are retirement accounts that offer the benefit of deferring income tax to the future. Typically, these accounts are marital assets to the extent they were created or contributed to during the marriage.

Generally, three situations arise involving these types of retirement accounts. The first situation is when the account is created and contributed to during the marriage. In this situation, the entire account is marital property and can be divided between the parties by the judge.

The second situation is when a spouse has a retirement account prior to the marriage and does not add to it during the marriage. In this situation, the account is not marital property and it will not be divided between the parties by the judge.

The third situation is when a spouse has a retirement account prior to the marriage and contributes to the account during the marriage. In this situation, only the portion of the account that was created during the marriage is considered marital property subject to division by the court.

For example, suppose that just prior to your marriage, you have an IRA with $50,000 in it. While married, you continue contributing to the account. When  you get divorced, there is now $75,000 in the account, In this situation, only $25,000 is marital property since it was added to the account during the marriage.

Often each account is not divided, even if they are all marital accounts. The spouses may still be left with roughly equivalent values in their retirement accounts, but this can sometimes be accomplished by making a single transfer instead of multiple transfers.

Filed Under: Family Law

Primary Sidebar

Get Help Now

Practice Areas

  • Divorce
  • Mediation
  • Paternity
  • Annulment
  • Uncontested Divorce
  • Contempt
  • Modifications
  • Prenuptial Agreements
VIEW ALLPRACTICE AREAS

Recent Post

Online Dating Safety and How to Recognize Red Flags

14 Feb 2023 | By Jim Mullaney

One of the key questions surrounding online dating is whether these platforms lead to long-term relationships. Some 53% … Read More about Online Dating Safety and How to Recognize Red Flags

My Florida Child Support Calculator – New for 2020

10 Jan 2020 | By Jim Mullaney

Why did I create My Florida Child Support Calculator? I often hear from potential clients after they have appeared in … Read More about My Florida Child Support Calculator – New for 2020

VIEW ALL BLOGS

Footer

Quick Links

  • Home
  • Practice Areas
  • Video F.A.Q.s
  • Portal
  • Blog
  • About
  • Contact

Contact Information

  • 8777 San Jose Blvd., Ste. 302, Jacksonville, FL 32217
  • (904) 858-4334
  • Email Us
Local map
  • Facebook
  • Google+
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • Vimeo
  • YouTube
For family law help in Jacksonville, FL, call A. James Mullaney. We’re committed to helping you and your family make a smooth transition to the next phase of your life.
Credit card logos

© 2023 Law Office of A. James Mullaney. All rights reserved.