Sarasota Qualified Domestic Relations Order Lawyers
What is a QDRO as it relates to a Florida Divorce?
When your Divorce Attorney is negotiating, a settlement, your Pension or Retirement Account may represent one of your most significant assets. In Florida Divorces, any Retirement Account or Pension that was accumulated during the marriage is presumed to be "marital property" and as such, is divided equally in a Divorce.
The best Sarasota Divorce Attorneys know that this can have serious tax implications if the division is done incorrectly. That's where the QDRO comes in. The QDRO Definitiion is a "Qualified Domestic Relations Order". While that isn't particularly enlightenting, the purpose of the QDRO will help explain.
If, the Sarasota Divorce Court Orders you to take half of your retirement account and deliver it to your spouse, income tax and /or significant early withdrawal penalties may apply, causing the financial loss to be much greater than simply half of your retirement. The QDRO sent to your financial institution prevents this, by allowing the divided portion of your retirement to be transferred to your spouse tax and penalty free.
The most successfull Sarasota Divorce Attorneys know that a QDRO is a complex document that absolutely must be taken seriously. If you have significant assets in retirement or other deferred compensation accounts, and are concerned about how they will be divided by a Florida Divorce, contact one of our attorneys at (941) 404-8908 today.