When two people are legally bonded by matrimony, it can become very tricky to properly extricate all of the assets that are eligible for division in the event of a divorce. But it is extremely important that property and financial assets, such as stocks and bonds, be fully accounted for and correctly dispersed.
So clearly, from a purely financial perspective, getting a divorce can be a challenge at any age. But the complications only grow as the marriage progresses through the years. And if a couple is nearing retirement, their retirement funds start to become extremely significant.
Depending on a couple's circumstances, retirement funds could be considered marital property and made part of the divorce settlement. In such cases, it is typically a good idea to obtain what is called a "Qualified Domestic Relations Order." QDROs are court orders that outline the manner in which retirement benefits are to be distributed into the future.
A QDRO can help you preemptively resolve what otherwise may be contentious issues. For example, if one spouse should remarry, then shares of benefits can be reapportioned to accommodate both current and ex-spouses.
Ending a marriage as retirement approaches can be a rather daunting step. But the fact is that if a marriage is no longer working, it is best that both parties have the opportunity to achieve happiness. Still, there are money matters that must be addressed.
If you are considering a divorce and retirement funds are an issue, you may wish to contact a Texas family law attorney. The attorney could help you figure out if the retirement funds that have been accrued by either you or your spouse are eligible for division. The attorney could then work toward helping make sure that you get the amount to which you are entitled.