One of the most important facets of a divorce is resolving the finances and ensuring your future remains yours. Even if retirement is decades down the line, it should not be forgotten in your divorce process. If you don’t consider locking down your retirement plan before your marriage ends, you may face losing a number of important and lucrative marital assets in your time of retirement.
A QDRO, or qualified domestic relationship order, is a special court order which grants a person the right to a portion of the retirement benefits from his or her ex-spouse’s retirement plan. It addresses the division of either party’s pension or 401(k) plans and allows the non-working spouse access to the other spouse’s retirement plans. These funds will be separated and deposited into the non-working spouse’s retirement IRA account.
You can file for a QDRO after a divorce, but it is much more complicated and drawn-out than if you do so before the divorce is finalized. This is highly advised against. Without the order, you do not have access to your ex-spouse’s retirement benefits, regardless if this was specifically addressed in the divorce decree. Failing to file a QDRO will undoubtedly leave you financially lacking in your later years. Don’t make this major mistake which may be impossible to amend.
Family Law Attorneys Offering Legal Counsel & Representation in Delray Beach, FL
Beaulieu-Fawcett Law Group, P.A. is comprised of family lawyers who care about you and your family’s best interests. Protecting your finances is a challenging yet necessary part of your divorce journey. We will work tirelessly to help you obtain the results you deserve in a timely manner.
Would you like to schedule an initial consultation with one of our Delray Beach attorneys? We would love to hear from you. Contact us by calling (561) 600-5711.