If you are planning a retirement package and are currently living in the Gainesville, FL area or presently have a retirement package in place, here are a few essential facts about QDRO’s that are important to know. You may be subject to paying out a portion of your retirement benefits to your separated or divorced spouse.
What is a Qualified Domestic Relations Order (QDRO)?
This order allows for another payee to also receive a portion of your retirement benefits. This can include a spouse in this case. But for the QDRO to be legal, it must be ordered and approved by the Gainesville court. Alternatively, a larger court or agency beyond Gainesville can also begin the QDRO process. A QDRO is under Florida domestic relations law and can be written into a divorce if need be and even alimony or child support can act as a QDRO.
Retirement Benefits & QDRO?
How your retirement benefits are directly affected by a QDRO all depend on the type of money owed. If there happens to be Gainesville court ordered payments then the QDRO can be used to make sure those payments happen, which mostly includes alimony or child support. When it comes to divorce and the retirement benefits, things are not so black and white and must be specifically part of the decree. With all of that said, legal consult is still highly suggested if you’re faced with a QDRO and protecting your money.
Want to know more about how your retirement or other payments may be affected by an QDRO? There are lawyers in the Gainesville, FL that can help you. Contact us today and protect what you’ve earned.