Divorce, QDRO’S and retirement income: 5 Things you must know

Divorce is not among the things that you wish for yourself. However, if circumstances lead you to one there are many things that you need to go through and the whole experience might affect you adversely. You may not be aware of many legal procedures and technicalities. Hence, it’s advisable that you get in touch one of the great divorce lawyers in your area. Having one of the top divorce lawyers by your side will give a fillip to your confidence and make you strong enough to go through the hell. 

Divorce process involves going through many formalities like the distribution of properties, child custody and visitation rights etc. You may be having a one of the best divorce lawyers by your side yet you should know basic things regarding the distribution of marital property in case of a divorce. They are as mentioned below:

1. Your retirement income is marital property. Hence, liable for distribution in case you are opting for separate ways. You have to share any income that was earned, accrued or vested during the period of your marriage.
2. In case your spouse dies before the retirement. The QDROS has to say there is a survivor benefit, without which you do not stand to receive any share out of the retirement benefits.
3. QDRO stands for Qualified Domestic Relations Order which is used to figure out the formula to find out how much each spouse will receive out of the say, retirement or pension benefits in case of a divorce.
4. Retirement income that comes from pension is known as deferred compensation. So, you only stand to benefit out of it if it was vested during the marriage. You are entitled to get only the share that was vested during the course of your marriage.
5. If QDRO violates the pension plan rules and you have a judge who has already signed the judgment of divorce and entitles you to a share in the pension, still you will be deprived of it because the QDRO doesn’t comply with what it says.

One should be aware of the things mentioned above; this lets you know your rights and what you deserve. You will not get cheated and justice will be done to you. However, your divorce attorney will be able to guide you wherever needed and make sure you are fairly dealt with.

Get more details about divorce lawyers here www.typeoflawyer.com, i this website, there are many different types of divorces and Skills required for a lawyer in order to practice divorce suit at the bar of law as well as Importance of the Lawyers dealing in the divorce suits in the modern age.