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What will a QDRO do during your divorce?

Paperwork is important during any legal process, including divorce. Certain documents will play an important role in the dissolution of a Texas marriage. 

The more complicated situations you have, like complex assets or minor children, the more details you will need to settle in your divorce. A qualified domestic relations order (QDRO) may be necessary for couples who have already started saving for retirement. 

A QDRO is a document that can help you divide your retirement savings without incurring any penalties or taxes. Those with substantial retirement savings that are part of the marital estate will likely need a QDRO to split their accounts. 

How do you obtain an accent? 

Like most divorce documents, a QDRO is usually a custom document drafted by an attorney. One of the spouses, often the one receiving the payout, will have an attorney write out a QDRO based on the property division settlement they reached or that the judge entered in the divorce. 

The courts have to approve the QDRO before the spouses can do anything with it. After court approval, the spouse needs to submit the QDRO to the person managing the retirement savings or benefits account. That professional will then divide the account according to the terms set in the QDRO, usually by creating a second account and transferring a specific percentage of the balance into that account.

Learning about the various documents that help with property division can help you take the right steps during your divorce.