Naturally, married couples plan for retirement together. They both contribute their hard earned dollars to a 401K and work hard to earn pension plan benefits so that they can one day retreat to a sandy beach somewhere where they can spend the rest of their years in peace–stress and job free. When couples no longer feel their relationship is working and decide to go their separate ways every one of these plans is affected. At the time of divorce, it is imperative that all retirement accounts are carefully scrutinized and not just by anyone but by an experienced Nashville QDRO lawyer.
Why is it in your best interest to hire a Nashville QDRO lawyer? Well the fact is is that retirement funds that are added to your 401k or pension plan are usually treated as marital property, meaning that both spouses are entitled to the profit. This is great until a couple decides to end their marriage and these retirement assets need to be divided up–a process that can be a very troublesome one indeed. The separation of assets does not automatically extend to common retirement plans and there are many thorny issues to contend with, especially when dividing a pension plan. Therefore the division of 401K plans as well as many pension plans require a court ordered Qualified Domestic Relations Order (QDRO).
If you find that you are in need of a QDRO it is extremely beneficial to hire a Nashville QDRO lawyer who really understands the rules governing QDROs as well as the complexity of constantly changing retirement plans. Though you can file the paperwork independently, there are specific legal criteria that you must be aware of. Taking a generalized approach to drafting a QDRO is something to be avoided as it can result in an improper division of benefits, loss of important rights under a plan and a total or partial loss of benefits upon the death of the participant. The spouse with a retirement plan and financial stability can lose a lot via a QDRO. Because the stakes can be very high and even the slightest slip-up could result in an unfavorable outcome, it is a good idea to seek the assistance of an experienced Nashville QDRO lawyer as sometimes another asset can be negotiated to be traded in place of the QDRO.
Don’t jeopardize your standing by trying to take care of dividing your and your spouse’s assets yourself. Call on the highly knowledgeable Nashville QDRO lawyer, Jimmy Helton, (615) 790-0982 and start settling your finances today! The longer you wait the more you risk being left with nothing in the long run.
The attorneys of Cheatham, Palermo & Garrett, are experienced in the interpretation and application of Tennessee family laws and have been committed to protecting the financial and parental rights of men and women in Franklin and throughout Middle Tennessee for more than 30 years. They bring a wealth of legal knowledge and experience to each case they handle, providing their clients with skilled representation in the areas of Divorce, Child Custody, Child Support, Prenuptial Agreements, Qualified Domestic Relations Orders, Music/Intellectual Property, and Juvenile Court.