When a couple becomes divorced, some financial assets can be difficult to divide. Retirement savings can be challenging. Many put their retirement savings into an account that is largely inaccessible until a certain time. Liquidating this account early could have financial consequences. However, as retirement savings often represent the bulk of a couple’s financial assets, these funds must be evenly and fairly divided.
Although the state largely determines family law issues, certain regulations surrounding financial planning and retirement funds must adhere to federal guidelines. A QDRO helps bridge this divide. During a divorce, each party agrees to a Domestic Relations Order (DRO), which designates the fair division of assets. If one party has a private pension plan, the other party can use a Qualified Domestic Relations Order (QDRO) to establish their legal access to the proceeds of this retirement plan.
If your divorce necessitates a QDRO to ensure a fair division of assets, Reppucci & Roeder can help. We have extensive experience in understanding the ins and outs of financial assets during a divorce and can help you secure your fair share.
FURTHER READING: What Happens to an Arizonan’s Retirement Funds in Divorce?
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