As a Fleming Island, FL resident looking at the options of separation or divorce and you also happen to have a retirement package or are planning to create one, you need to know about the essential facts of a QDRO and how it could affect you and your hard earned money.
What Will a Qualified Domestic Relations Order Do?
Simply put, a qualified domestic relations order allows for the legal right of another payee, such as your spouse, to get a portion of your retirement benefits and also include other pay outs for the payee if the QDRO is legally enforced and part of the court ordered divorce. But for such an order to be enforceable, you will need to have it approved by the Fleming Island, FL court system as well as initially ordered by the court. In rare occasions, an agency beyond the Fleming Island, FL district can order and legally issue a QDRO and it would still be considered enforceable.
Of course, the qualified domestic relations order is protected under domestic relations laws in Florida but still can be fought in court if needed. Most divorce papers might have a provision that allow for a QDRO to be added and as mentioned earlier, can include alimony or child support in certain circumstances.
Your Retirement Benefits & QDRO
Are your retirement benefits subject to a QDRO? This all depends on the type of debts owed by you. For example, if there is court-ordered alimony, then a qualified domestic relations order can be used to go after this specific money and potentially your retirement package as well. As for the case of court-ordered divorce, it’s a little bit different and the QDRO must be an agreed upon arrangement within your divorce decree. You can always seek legal consult in the Fleming Island, FL area about retirement packages and QDRO.
As someone who is going through separation or divorce, you reserve the right to protect what you’ve earned through your own hard work. Contact us at our Fleming Island, FL offices today to make sure you’re fully ready for court and can protect what’s yours.