Seeking out more information about your retirement package and how it can be affected during a separation or divorce? There is one piece of information you will be very interested to know and that is a qualified domestic relations order. It can directly affect your hard earned retirement. If you are a Boca Raton, FL resident, here are a few essential facts about QDROs that are important to know.
What Can a Qualified Domestic Relations Order (QDRO) Do?
If you are the primary recipient of a retirement package, a qualified domestic relations order can allow for another payee to get into your retirement money as well. It can be legally enforced but in order for that to happen it first must be ordered and approved by the Boca Raton, FL courts. These type of orders can be quite common during separation or divorces.
When it comes to Florida domestic relations and community property laws, QDROs fall under both to be legally enforceable and qualified. This means a QDRO can be written into a divorce decree if agreed upon and can also include other types of payment such as alimony or child support. However, the two are quite different in how they are ordered and legally enforced.
Is Your Retirement Safe From a QDRO?
As mentioned previously, your retirement package can be subject to a QDRO but it is completely different in relation to alimony or child support. A divorce decree must have officially written documentation on a QDRO in order for your retirement to be affected whereas child support or alimony is dependent on the type of debt you owe and must be ordered beforehand while a QDRO only ensures you will pay. Of course, all divorce or separation proceedings will be different and this also includes yours when you take it to the Boca Raton, FL courts.
To find out more information about qualified domestic relations orders and how they affect you, contact our Boca Raton, FL offices immediately. You deserve your hard earned retirement benefits and what you’re owed, so make sure that you can legally and rightfully protect it.