Planning a retirement package in Daytona, FL? Or even have one in place currently? Then you need to know about qualified domestic relations orders (QDRO) and how it can directly affect your retirement as well as potential child support and alimony. Here are a few basic facts about QDRO’s that are important to know.
What Does a Qualified Domestic Relations Order (QDRO) Do?
Essentially, the qualified domestic relations order creates the legal right for an alternate payee (such as a spouse) to receive a part of the primary recipient’s (you) retirement benefits. But for such an order to be legally enforced, it must be ordered or approved by the Daytona, FL court. In some instances, a higher government agency can also issue this order and essentially “override” the court, which in turn would allow for the order to be legally upheld and enforceable.
Qualified domestic relations orders fall under Florida domestic relations law as well as the part of these laws that relate to community property. In fact, it is not unusual for there to be an inclusive provision of a qualified domestic relations order written into a decree of divorce. Also, a certain court-issued order, such as child support or alimony, may actually serve as a qualified domestic relations order itself.
Are My Retirement Benefits Subject to a QDRO?
It all depends on the types of debt you may owe. In most cases, if there are court-ordered payments on file with the state, such as child support or alimony, a qualified domestic relations order can be used to satisfy any arrearages. But in the cases of divorce, retirement benefits may only be subject to a qualified domestic relations order if specifically ordered within the terms of a marital division agreement or judgment. However, every situation is going to be different and therefore legal consult is suggested.
For more information about how a qualified domestic relations order may affect your retirement benefits and you’re also living in the Daytona area, contact us as soon as possible. You deserve what you’ve earned – make sure you protect it.