Many Florida residents are aware of the importance of addressing retirement savings during the course of a divorce. In fact, these assets are among the most valuable for many couples, and care should be taken to maximize the distribution of retirement funds when a marriage comes to an end. Once property division negotiations have concluded, it is important to carefully review the documentation involved in the division of retirement assets.
One of the most important documents is known as a qualified domestic relations order, or QDRO. This is the document that outlines how retirement assets will be distributed between spouses. Errors and omissions on the QDRO can lead to significant legal and financial problems down the road.
One way to avoid a negative outcome is to hire the services of Certified Divorce Financial Analyst to review the QDRO. This is a professional who is trained in all aspects of divorce finances, and who is familiar with the ins and outs of the QDRO. The analyst can also assist in outlining the tax ramifications of various choices, and creating a post-divorce budget.
Many Florida spouses prefer to think about the professionals who will handle their divorce as part of a "divorce team." A Certified Divorce Financial Analyst can play an important role on that team. For those who are concerned about the initial cost of hiring an additional team member, it may be helpful to understand that the potential savings can far outweigh the initial investment. There is also a value that comes with peace of mind during property division negotiations.
Source: kiplinger.com, "QDRO: Critical Letters in a Divorce Case", Andrew McNair, March 24, 2017