In Florida, income earned during the course of a marriage, including money placed in a retirement account, is generally considered marital property. When couples divorce, any marital property is typically subject to equitable distribution, but parties can waive their property rights via an agreement. A party that waives the right to marital property in a divorce action cannot later argue that their waiver does not apply based on a technicality, however. This was demonstrated in a recent opinion issued in a Florida case, in which the deceased husband’s estate sought enforcement of a marital settlement agreement to preclude the wife from recovering retirement plan benefits. If you want to end your marriage, it is smart to hire a knowledgeable Miami divorce attorney to help you seek a favorable outcome.
History of the Case
It is alleged that husband and wife married in 1988. The husband, a television producer, contributed to a 401k plan that was governed by ERISA before and after the marriage. He designated the wife as the first beneficiary and his children as the second beneficiaries under the plan documents. In 2017, the parties divorced. They developed a marital settlement agreement (the Agreement) that stated they both retained the sole right to their retirement plans and waived the right to recover proceeds from each other’s plans. The husband did not update his plan beneficiary forms, however. The court ratified the Agreement in the final dissolution of marriage.
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