DIVISION OF EMPLOYER RETIREMENT PLANS: QDRO REQUIRED
For many people a 401(k), IRA, or other form of retirement plan is their most valuable asset. A federal law called ERISA allows the state of Texas to apply community property laws to retirement plans during a divorce asset division. Before your employer’s pension plan administrator will divide your retirement package between you and your spouse, they will require you to produce a qualified domestic relations order (QDRO).
A QDRO is a court order separating and transferring title of a retirement plan between you and your spouse. At the Law Offices of Mary Ann Beaty, P.C., located in Dallas, Texas, we counsel people about property division during a divorce. To learn more about a qualified domestic relations order, contact QDRO Attorney Mary Ann Beaty today.
When protecting your rights to your spouse’s retirement plan, it is important to obtain a qualified domestic relations order. This order prevents your spouse from cashing in a retirement plan, without first paying your share.
TYPES OF QDROS
Each retirement plan may have different rules relating to these orders. Some employers may require you to fill out a standard form provided by them. As an experienced QDRO lawyer, Mary Ann Beaty will make sure you comply with the requirements of all financial institutions and employers involved. We will also draft unique qualified domestic relations orders, if required by an employer.
You must understand the specific requirements for your retirement plan. Each of these types of retirement plans has differing requirements.
- Corporate plans
- Teacher plans
- Military plans
- Local, state, and federal government plans
Protect your rights to your spouse’s retirement plan, by contacting the Law Offices of Mary Ann Beaty, P.C.. We counsel people in the Dallas-Ft. Worth Metroplex and throughout North Texas.