This is the next article in my series on enforcing a Florida Divorce Decree. My last article discussed dealing with the non-payment of spousal support. It is important to understand that the non-payment of alimony is not a “private matter” between two parties. It is the violation of a Court Order. An experienced attorney can assist you with resolving such issues in the most efficient manner possible. This article will continue the discussion by looking at the handling of matters in which one is not taking necessary steps to divide retirement assets. If you are in need of help then contact my office to speak with a Melbourne lawyer.
Divorce Decrees often contain a provision stating that the retirement of assets of one or both spouses are to be divided. Such a division may include the dividing of pension benefits, the division of a 401K, the division of an IRA, etc. For pension assets, the completion of this process typically involves both sides signing a Qualified Domestic Relations Order (QDRO). For other types of assets, the process will often involve signing whatever paperwork a given investment brokerage or fund manager requires. When a Decree of Divorce states that retirement assets are to be divided, this will be interpreted to mean that each spouse will sign whatever paperwork is necessary to effectuate the division.
It is not uncommon for spouses to not sign necessary retirement asset paperwork after a divorce is completed. This can be due to one side simply refusing to do so out of a desire to be difficult. It can also stem from a party taking a “I will do it later” attitude. Regardless of the reason for which one does not sign the necessary forms, failing to do so amounts to a violation of the Divorce Decree. This can result in the offending party being held in contempt of Court. As explained in my last article, the penalties for contempt can go as high as a term of incarceration. Typically, however, the Court will only require jail time in extreme instances of non-compliance. Once the necessary documents have been signed, the matter will largely be considered resolved.
An important point to note is that a non-paying spouse may be liable to their former partner for damages if they occur as a result of the non-compliance. Suppose, for example, that Joe was to give Jill one-half of his IRA. He delays signing the necessary paperwork for six months. During the time between when Jill was to receive the money, and the time she actually did, the market went down by twenty-five percent and Jill’s payment was tens of thousands of dollars less than it should have been. Under this scenario, the Court may require Joe to pay Jill damages. It should be remembered, however, that how the Court will rule is always going to depend on the specifics of the matter.
If you are in need of assistance after the completion of a divorce then contact my office today to speak with a Melbourne family law attorney. I understand that post-Decree issues can make it difficult for one to move on with life. My office will give such matters the attention they deserve. I pride myself on providing quality representation and I look forward to speaking with you. My firm also services Florida clients in the Brevard County cities of Titusville, Cocoa, Palm Bay, Grant, Valkaria, and Rockledge, as well as in the Indian River County areas of Fellsmere, Sebastian, Vero Beach, Indian River Shores, and Orchid. We are also able to virtually work with clients throughout the state.