Divorce And Family Law Attorney

How do you keep your retirement funds in a divorce?

You have been planning for retirement for a long time, but only a small portion of your retirement plan includes your own savings. For the most part, you and your spouse are planning on living off of the pension that they’ll get when they retire. They’re very close to retirement age now, so that’s money that you’re counting on. 

But now your spouse has told you that they want to get a divorce. Even if you split up the assets that you own, you’re not sure that you can afford to retire. Your spouse will still get that pension in the future, but does this cut you out of it? What can you do?

Using a Qualified Domestic Relations Order (QDRO) to get what’s fairly yours

One of the easiest ways to divide these types of assets is through the use of a Qualified Domestic Relations Order. It can be used to order the future division of that asset. When your spouse does retire, the percentage that is allotted to you in the QDRO has to go to you even though you will then have been divorced for years. This way, you can still count on retiring at the same time that your ex retires.

It’s very important to use a QDRO properly and to get it set up in advance. It’s unlikely that your ex is going to be thrilled about sending some of their pension plan money to you, but this is a legally enforceable order to protect your right to those benefits. You need to know exactly what steps to take, especially if you think that your spouse is going to contest the order or try to claim that you don’t deserve those payments.