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Michael Gonzalez
Michael Gonzalez,
Category: Family Law
Satisfied Customers: 538
Experience:  Managing Member at EWF Title, LLC
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I just signed papers for divorce that stated what's mine is

Customer Question

I just signed papers for divorce that stated what's mine is mine and what's yours is your except the home for my ex to take to court for hearing. Should I have included my 401 k and pension also?
Submitted: 2 months ago.
Category: Family Law
Expert:  Michael Gonzalez replied 2 months ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.Absolutely.If left to the Florida family law courts, then, most, if not all retirement plans built up during the marriage are marital and the property of both spouse. A frequent situation is where the retirement plan was started before the marriage and continued during the marriage. A percentage is calculated of the amount earned during the marriage.In case of a defined-benefit plan, the ex-spouse may be able to elect to receive a lump sum, “cash out” payment. In other words, the ex-spouse may be able to receive a portion or percentage of the present value of the account at the time of divorce. He or she could then spend it or reinvest it. Alternatively, the ex-spouse may elect to receive payments in the future at the time of retirement.For defined-contribution plans, typically the account balance is multiplied by a percentage of vesting for the account. This is then divided between the parties. For instance, suppose John’s retirement account with his employer is a defined-contribution plan that fully vests after John has worked for the company for 10 years (suppose John worked for this company while he was married to Sue). After five years, John and Sue divorce. At the time of divorce, John’s retirement plan has a value of $50,000. The plan’s value would typically be multiplied by the percentage that the plan is vested in John (here, 50 percent, as he has five years out of the required 10 for fully vesting) in order to determine its present value. This result would then be divided between the parties. In this simple example, then, Sue would likely receive $12,500 upon division of the account.
Expert:  Michael Gonzalez replied 2 months ago.
Forgot to mention that defined-benefit plans are pensions while defined-contribution plans are 401Ks.
Expert:  Michael Gonzalez replied 2 months ago.

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