Legal Question in Family Law in Florida
401K and marriage
Hello:
My husband and I have been married for six years. Almost all of our assets are joint. He recently changed jobs and his new company offers a 401K. My husband decided (on his own accord without my knowledge)to begin contributing 10% of his income to this 401K. My question/concern is this:
Should we ever divorce, would I be entitled to 50% of this savings. My employer does not offer a 401K and I make less money than my husband does. This 10% per paycheck deduction translates to approximately $13,000.00 per year (not including his Employer's match of 50%). My husband says this is FREE MONEY & he cannot turn it down yet he never discussed making this deduction with me.
Does Florida Law have a statute regarding 401K's that are opened by one spouse during a marriage. Is there a mandate for equitable distribution? If the law states that 50% belongs to me, then I say we put as much into this 401K as possible. If I do not have any entitlement then I am very concerned. Please advise, and THANK YOU for your time!
Kindest regards,
Angela
2 Answers from Attorneys
Re: 401K and marriage
Angela; All accumulations earned during the marriage, weather received or deferred are presumptively marital and equally divisible.
Please go the extra mile to keep your marriage together.
Re: 401K and marriage
Simply put, all earnings during the course of a marriage are subject to distribution equally between both spouses in the event of a dissolution. This includes savings, business income, investments (unless pre marital assets used and only passive) and all other income. This does not include gifts such as from family members or bequests although a gift may be considered made to the other spouse if co-mingled with joint funds.
Go and invest but do it wisely. I strongly recommend that you consult with a local family attorney with the exact specifics of your legal situation.
Scott R. Jay, Esq. 305-249-8000
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