An article recently published by Collaborative Divorce Texas -- an organization dedicated to helping individuals chart an easier path through divorce (of which our firm is a member) -- details some of the difficulties couples encounter when dividing their retirement assets.
Specifically, they advise divorcing spouses to keep three things in mind:
1. Retirement funds are typically considered marital property, and are subject to division.
2. To split 401(k)s and other retirement assets, it is essential to obtain a Qualified Domestic Relations Order, also known as a QDRO. Likewise, the QDRO must be worded carefully, to ensure that one spouse does not reap extra benefits at the other's expense.
3. There will be taxes. And, as such, it is important to work with a lawyer who knows how to minimize them.
You can find the full article here. Likewise, to learn more about the equitable division of retirement assets -- or any divorce consideration -- you can contact our firm by calling 512-930-8250 or sending us an email.