Thanks to the federal Employee Retirement Income Security Act, Dallas residents can divide their retirement plans during a divorce. Texas’ community property laws treat these assets just like any other in the divorce process. But it’s necessary to obtain a specific type of court order before this can be accomplished, and it’s often an issue with which the assistance of a legal professional comes in handy.
The order, as we began discussing in our last post, is called a qualified domestic relations order. However, a QDRO is not a one-size-fits-all proposition. Just as private corporations, the U.S. military, government employers at all levels and even teachers have their own types of retirement plans, QDROs for each of these scenarios must take different, specific requirements into account.
These kinds of granular-level details about retirement accounts and court orders with odd acronyms relating to property division are seldom, if ever, first and foremost in the mind of Dallas residents anticipating or going through a divorce. You’re probably more worried about issues like what kind of child custody arrangement you’re going to have and who will be paying child support (and how much). You’re also likely dealing with a roller coaster of emotions while trying to keep yourself together for the sake of your job and your family.
Unfortunately, this mindset could lead to you losing out on your fair share of what may be the single most valuable marital asset at stake. Consulting with a Dallas qualified domestic relations order (QDRO) attorney like those at the Law Offices of Mary Ann Beaty, P.C., can prove to be an important step in managing the legal requirements associated with a QDRO and ensuring your rights are protected.