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If you are considering divorce, you are likely concerned about your financial state of affairs, especially regarding you and your spouse’s retirement plan. Perhaps one of the most important aspects of divorce, it is vital you do not forget to consider future pensions even if your divorce occurs years before you are ready to retire. If you do not ensure pensions or retirement funds are a part of your divorce settlement, you may be left economically bereft in the years to come.
A qualified domestic relations order, also known as a QDRO, is a court order which grants a person the right to a portion of retirement benefits earned by his or her ex-spouse through an employer-sponsored retirement plan. While this order is generally something prepared during the divorce, QDRO’s can also be filed after a divorce has been settled. These orders include survivor benefits in case of death, as well as while the participant, or benefit earner, is still alive.
While obtaining a QDRO may just seem like another tedious paperwork process, it is important you do not skip out on this important step. Even if your divorce settlement clarifies that retirement benefits should be divided, this may be overridden if not for a QDRO. Filing for this important decree as soon as possible will only stand to benefit you, as delaying the process will only result in a number of complications and delays in payment–perhaps barring a QDRO from ever being settled at all.
Peter L. Cedeño Associates, P.C. is comprised of skilled and knowledgeable New York divorce attorneys who are dedicated to fighting for your rights. We understand there is nothing quite as confusing, devastating, or emotional as undergoing a divorce, which is why we will do everything possible to help you overcome this difficult time with ease. Our experienced legal team will keep you as informed as possible, so you can rest assured you are on the best course of action.
Schedule an initial consultation with a member of our firm by calling (212) 235-1382.
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