Q: In Florida, are you obligated to take money out of non marital IRAs to pay alimony?
I am getting a divorce in Florida. Every month my expenses are higher than my income. I have some IRA money that is not marital. Will I be obligated to deplete my IRAs to pay alimony?
A: Alimony is based on one party's financial need and the other party's ability to pay. It is not based on assets, marital or otherwise, unless they are income producing assets. If the court determines that all of your monthly expenses are justified then you should not be "obligated" to deplete your retirement assets.
A: This will really depend on the amount in your IRA. The Court will start by looking at your relative incomes. Assets are then also considered by statute, but unless the assets are significant, a court will typically not order alimony when there is otherwise no ability to pay. You may also consider avoiding this risk by offering some portion of the IRA as lump sum alimony. Without actual figures, it would be tough to advise you. As always, I recommend you retain an experienced family law attorney in your area. Good luck!
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