Believe it or not, retirement benefits are the most valued assets during a divorce. In fact, sometimes a retirement benefit is worth more than a home! As a result, calculating retirement benefits is a very important part of dividing community property. Read on to learn how retirement assets are usually calculated and how A People's Choice can help.
What is a qualified domestic relations order (QDRO), and how do you know if you need one? If you need to divide property in a retirement or pension plan after a divorce, you will need a QDRO. Read on to learn more about the QDRO process from start to finish, and how A People's Choice can help.
What is a legal document assistant and how does it compare to a paralegal? Believe it or not, hiring a legal document assistant can help you save thousands of dollars you would otherwise waste on an attorney! To help you determine which process is better for you, we've outlined from A to Z everything a legal document assistant can do.
Don't settle for just any online QDRO preparation service. Did you know that most online QDRO services only prepare the forms? In other words, they do not provide the additional services you will require to actually complete the QDRO process. Remember, the actual division of the retirement account is only complete once a QDRO has been prepared, pre-approved by the Plan Administrator, signed by the parties, signed by the Judge, filed in the court case and a certified copy provided to the Plan.
Most couples think their most valuable community property asset is their house. Surprisingly, however, the most valuable asset is often their retirement plan. Just as with other community assets, a divorcing couple must settle retirement division. In general, the law considers retirement benefits accrued during the marriage until the time of separation as community property. This article will explain the steps to divide retirement in divorce.
Divorced spouses often contact us with concerns that their ex-spouse won’t sign QDRO, a qualified domestic relations order. The courts use QDROs (pronounced "quaw-dro") to officially divide a former spouse's interest in a retirement plan or pension plan. If your spouse won't sign QDRO, then you will not be able to complete the process of dividing the retirement account . However, the spouse refusing to sign could find themselves held in contempt of court for refusing to do so. This article reviews options you may have if your ex-spouse is refusing to sign your QDRO.
In a pending case, either party can request that a third-party join the case, which is known as a joinder. In a divorce proceeding, California allows a party to file a joinder in divorce if a third-party is in possession of community property assets. Contributions made to retirement and pension plans during the marriage are community property assets in California and need to be divided like any other asset during the divorce proceeding. Keep in mind that most retirement plans do not require a joinder. However, some plans, such as California State Teachers’ Retirement System (CalSTRS) and California Public Employees Retirement System (CalPERS) and other city and county government plans, require that the plan to formally joined to the divorce proceeding before the plan can be divided. With this in mind, it may be wise to file a joinder in divorce even if the plan does not require it.
Contributions made to retirement and pension plans during a marriage are community property. During a divorce, couples divide retirement and pensions plans just like any other marital asset. The couple may split them any way they see fit, whether it be that one spouse completely buys the other one out of their share, or one spouse receives a percentage or fixed amount of the retirement payments. It is necessary to prepare a QDRO for each plan that is divided.
It is not necessary to divide all retirements plans in a divorce. However, if the court has ordered the division of a retirement account, or the parties have agreed to divide one or more retirement account, it will be necessary to file a QDRO after divorce. Here are the steps on how to file a QDRO after divorce.
Gilmore rights allow a divorcing spouse to receive a share of community interest held in their spouse’s pension plan. Specifically, this means the spouse can choose to receive these benefits before the participant actually retires. Benefits become eligible at the earliest date in which the employee spouse would be eligible to retire. To enforce your [...]