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Your divorce doesn't have to derail your retirement plans

Kentucky readers know that the end of their marriages will bring many significant changes to their lives. Naturally, you may have concerns about how your divorce will impact your financial future. Throughout your adult life, you have saved and prepared for your retirement one day, and it is possible that your divorce may affect your long-term savings. However, it does not have to derail your plans for your golden years.

If you are worried about what will happen to your retirement, you would be wise to learn how to protect your interests. It is also helpful to be aware of how certain factors will affect property division and retirement, such as the QRDO.

What is the QDRO?

The QDRO, which is the Qualified Domestic Relations Order, is an vital part of dividing retirement accounts in a divorce. Essentially, it is a court order required in order for any amount of a retirement account to transfer to an alternate payee. If you have to relinquish a part of your retirement savings to a spouse as part of a divorce settlement, a QDRO is required to actually make that happen.

QDROs can be confusing, and it may be helpful for you to better understand how this document works and what it can do. The following is essential for a QDRO to work as intended:

  • Address and other pertinent information of the account holder and each alternate payee, which may include former spouses, children and other beneficiaries
  • Information about the particular retirement account
  • The amount or calculation methods for the amount payable to the alternate payees
  • Information about the number of payments and length of time affected by the QDRO

The terms of your divorce order will determine how your QDRO will work. You have the right to pursue a beneficial and reasonable order, as well as fight for the protection of your post-divorce financial interests.

Your retirement and your future

Divorce will certainly affect your finances and your future, but you may still emerge from the process with your dreams for retirement firmly intact. With help, guidance and a goal of a strong financial future, you can secure a divorce order that allows you to have the retirement you hoped for.

It may require an adjustment of your expectations or careful negotiations, but your divorce does not have to ruin your retirement. In order to accomplish your goals, you would be wise not to navigate this process alone, but to seek legal support from the very beginning.

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