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Do you need help with family law and intricacies such as QDROs?

Texas couples who file for divorce have so much to consider that some important matters may be left unattended. Family law issues such as child custody, parenting plans and the division of property can be overwhelming. Without qualified professional guidance, matters related to the division of retirement funds sometimes receive less than the necessary attention.

First of all, a QDRO must be signed. This is a Qualified Domestic Relations Order, which will determine the distribution of retirement assets between the spouses. Once couples agree to it, the court will issue an order that will be binding. So, to ensure no unexpected fees and taxes reduce one spouse's portion of the retirement assets, it helps to have a financial advisor along with an experienced lawyer on the team.

In a community property state like Texas, retirement assets will likely be split equally -- except if the judge decides otherwise. However, without specialized knowledge, one party may be satisfied with his or her share, only to find it considerably less after paying a 10 percent penalty for withdrawing funds before the age of 59 ½. He or she might not be aware of the provision available to distribute 401(k) funds to a spouse with no penalties. However, this is a one-time provision that must occur during the divorce.

The intricacies of family law in Texas can be simplified by building a strong support team. An experienced divorce lawyer will likely have professional resources to assist with matters related to finances, taxes, real estate, child issues and more. Together, they can provide the necessary guidance and support to help a divorcing spouse to enter a financially stable new chapter in life after divorce.

Source: kiplinger.com, "QDRO: Critical Letters in a Divorce Case", Andrew Mcnair, Accessed on April 14, 2017

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