Divorce is an emotional, challenging life event. Beyond the changes in your relationship, there are the complexities of dividing assets after the dissolution of the relationship. It’s essential to work with legal professionals to ensure you get the savings you need to have the retirement you deserve. Pension division differs from state to state. If you’re going through a divorce without an established prenup, then your pension and retirement savings may be included in the settlement.
Work with a QDRO expert to ensure you protect your future, even after retirement.
Every state has different laws governing how assets are split during the dissolution of a marriage. In Michigan, marital property is divided equitably between both parties. It’s not always a direct split down the middle but takes into account the income of both parties, any financial support provided from one party to another, and the saving and assets brought into the union.
Retirement savings include many different account types:
No asset is off-limits during a divorce. How your retirement accounts get divided can significantly impact your lifestyle after you leave the workforce. Are you willing to trust your retirement to what the court feels is equitable?
QDRO is a legal document called a “qualified domestic relations order.” It eliminates the uncertainty of dividing pensions and retirement accounts while also ensuring no significant tax consequences for either party.
A QDRO can also define what happens to retirement assets if one person passes away before reaching retirement age or if someone decides to continue working past retirement age.
Having clarity is essential to eliminate any extra stress and uncertainty during a divorce. Pensions and 401(k)s aren’t the same as other marital property. Protecting the future of both individuals during a divorce takes expertise in family law and drafting complex documents. Working with a QDRO specialist is the best way to get accurate, comprehensive documentation to define what happens with retirement savings after the divorce in an array of situations.
When you’re working with an experienced divorce attorney, they probably have an existing relationship with a legal document expert. That individual knows the intricacies of Michigan family law and can protect your assets, no matter how complicated and diverse your retirement savings might be.
From vested and unvested stocks to the principal savings brought into the marriage and the interest and net gains earned as marital property, a QDRO describes the equitable division according to the judgment of the courts.
On rare occasions, you might reach out to a virtual legal service for a consultation on your own. Clients need representation to get a qualified domestic relations order, but legal services can still discuss your options for getting the documentation you need for a court’s judgment.
When you need a QDRO pursuant to a judgment, I bring years of experience in drafting and Michigan family law. My expertise enables me to draft the documentation Detroit-area lawyers and their clients need to protect their retirement savings in case of divorce. I know the complexities of pension plans and statutes that apply to different domestic partnerships. My documents will meet the nuances of any situation, delivered with the same prompt turnaround.
Over the years, I’ve established a reputation as a proactive problem solver who gets the job done––even if it means working nights and weekends. Want to work with a seasoned professional for QDROs? Reach out to schedule a virtual consultation with a QDRO specialist.
