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The role of a QDRO in a divorce

People in Florida who are divorcing might need a document known as a Qualified Domestic Relations Order. This is an order or judgment that deals with dividing a retirement account. A QDRO can make transferring assets more efficient, but it can also be complex and costly. Individuals might not understand the fees and taxes associated with the division and transfer. As a result, attorneys sometimes recommend that clients consult with certified divorce financial analysts who can explain these potential costs and how to minimize them.

An equitable division of a retirement account does not necessarily mean that it will be split 50/50. A judge may take other factors into account to make sure that assets are fairly distributed even if they're not split exactly in half. When couples are negotiating their divorces, they might want to keep in mind that the amounts in their retirement accounts may not accurately depict how much money they will actually receive from them.

For example, a couple might decide that one person will keep the house, which is paid off and worth $200,000, and the other one will retain the retirement account with $225,000 in it. The individual who gets the account might not have the better deal because if he or she tries to access the funds before turning 59½, he or she will be required to pay a hefty tax.

An attorney from a Hillsborough County high-asset divorce firm might be able to assist individuals with property division and other issues related to divorce. When there a lot of high-value assets on the table, the process may be particularly complex because there might be investments, businesses, real estate and more that must be divided. Some people are able to negotiate settlements between themselves, but when agreements can't be reached, other individuals end up going to court.

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Pilka & Associates, P.A.
213 Providence Road
Brandon, FL 33511

Phone: 863-236-9321
Phone: 813-653-3800
Fax: 813-651-0710
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Lakeland, FL 33801

Phone: 863-236-9321
Phone: 863-687-0780
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