Galveston County Qualified Domestic Relation Order Lawyer (QDRO)
In many divorce cases, retirement and investment accounts are a couple’s most valuable asset. As a result, the question of how the contents of an account will be divided can be a contentious and stressful issue. These issues are further complicated by federal law, which requires that parties adhere to certain procedural requirements when dividing retirement benefits during divorce proceedings. According to both state and federal law, divorcing spouses must obtain a Qualified Domestic Relation Order (QDRO) before the contents of a retirement account can be divided. At Lindamood & Robinson, P.C. our lawyers are very familiar with the procedures required to obtain valid QDROs and are experienced in negotiating the division of retirement funds, so if you have questions or concerns about the fate of your own accounts, please contact our Galveston County QDRO lawyers to schedule a consultation.
Retirement Plan Division
Texas is a community property state, which means that any assets obtained by a couple during their marriage are considered community property and so subject to division during divorce proceedings. This rule also applies to any income placed in a retirement account during the marriage, which means that a former spouse is entitled to a portion of the funds at the time of divorce. Generally, a spouse receives roughly one half of the benefits in the other spouse’s retirement plan, but only of those funds that are attributable to contributions made while the couple was married.
QDROs are court orders issued by a judge that must be given to the administrator of a party’s retirement plan prior to property division. QDROs inform the administrator of the alternate payee’s identity and instruct him or her to recognize that individual’s right to receive a portion of the plan’s assets.
To be considered valid, a QDRO must contain specific information, including:
- The names and addresses of both the employee and the alternate payee;
- The names of the retirement plans to which the order applies;
- The percentage of the assets that must be paid to the alternate payee, and
- The number of payments or the time period in which they must be made.
Although QDROs are often obtained during divorce proceedings, they can also be issued at other times. For instance, a QDRO must be obtained if a party wishes to name a child or other dependent as the alternate payee of his or her retirement account.
Contact an Experienced Galveston County Property Division Lawyer Today
Property division is one of the most difficult and contentious aspects of many divorce cases. At Lindamood & Robinson, P.C. our Galveston County QDRO lawyers are well-versed in the procedural requirements of obtaining a valid QDRO, so if you live in Galveston County and have questions or concerns about how your marital property, including a retirement account, will be divided in a divorce, please contact one of our dedicated and experienced lawyers by calling 281-486-6116 or by completing one of our standard contact forms and we’ll help you schedule a one-on-one consultation at your convenience.