Dividing property in a divorce is a common source of conflict. There are many assets you have to consider, and one you do not want to forget about is your retirement plan.
Your soon to be ex-spouse may have a right to claim some of your retirement benefits in the future. This is done through a Qualified Domestic Relations Order either during the divorce process.
What is the purpose of a QDRO?
A QDRO is a court order establishing a right to receive payments from your retirement plan. It includes the amount that will be received and when the payments will occur. If you have more than one retirement account, it will list the specific guidelines for each one. There are also certain provisions it cannot contain.
How much money will your wife obtain?
There is no simple formula to calculate the payment amount. The following information will help determine the division of retirement assets:
- How much of your retirement earnings occurred during the marriage
- How long your marriage lasted
- What type of retirement plan you have
- What your financial circumstances are
There may be additional factors depending on your situation. The QDRO must undergo review and receive official approval before it goes into effect.
How do you handle a QDRO?
It is wise for you to have a Florida family law attorney help you handle the division of your retirement account. The process can be confusing and require a lot of documentation. A lawyer can help prevent you from making costly mistakes, protect your assets from unfair division and guide you in how to request modifications of the QDRO.