QDROs are qualified domestic relations orders–a special court order used to divide retirement plans in a divorce or child support action. Often in a Texas divorce they divide 401k plans and pensions. Benefit laws and the Texas Family Code require QDROs to divide these plans. A major concern for people who divided retirement plans in […]
How much does a QDRO cost in Texas? Read More »
QDROs–qualified domestic relations orders–are special court orders that divide certain types of employer-sponsored retirement plans as either part of the property division in a divorce, to pay child support, or to pay spousal support. Retirement plans that require a QDRO do so because a state or federal law requires this type of order to lawfully
What retirement plans can be divided by a QDRO in a Texas divorce? Read More »
Unpaid child support is a serious problems for many families where the child support may be the difference between keeping food on the table or lights on in the home. Enforcing child support in court can be a challenge when the child support obligor hides money, dodges process servers, or does not have the income
Enforcing child support with child support liens and QDROs in Texas Read More »
The Texas Constitution and Texas Property Code set out powerful protections for Texans against creditors. For the average person these protections prevents most creditors from attaching property to satisfy a judgment on a debt. This protects the homestead and a significant amount of personal property in Texas. Property may be foreclosed to satisfy a debt
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Retirement plan benefits, like 401k accounts and pension benefits, are often divided in a Texas divorce as part of the property division. Retirement benefits often represent one of the largest assets in the marriage (along with the house and cars). Their division may play an important role in fairly dividing the marital property between the
Dividing retirement plans with a QDRO Read More »
Often divorces divide retirement plans like a 401k or defined benefit pension. A judge signs a QDRO (qualified domestic relations order) ordering the retirement plan administrator to divide the benefit. The ability to take funds from the plan under the QDRO depends upon the terms of the QDRO and plan rules. Some plans allow the alternate
Can I take my QDRO money early after my Texas divorce? Read More »
Dividing property in a Texas divorce can be a complication and expensive affair under the Texas Family Code. The Texas Family Code lays out a complicated framework of community property rules. Property may be community property of the marital estate, the separate property of one spouse, or separate property jointly owned by the spouses. The
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Dividing defined benefit pension benefits in a divorce strikes fear into the hearts and minds of divorce attorneys. Defined benefit pension plans, often simply called pensions, are far more complex than the relatively newer defined contribution plans like 401ks and ESOPs. Defined contribution plans are often easy to divide in a divorce. They maintain records of individual accounts
10 Keys to Tackling Defined Benefit QDROs in a Texas Divorce Read More »
In many divorces a major source of assets considered in the property division includes employer sponsored retirement plans and accounts like IRAs funded by prior retirement plans. These retirement plans can house significant financial resources. The parties to a Dallas or Fort Worth divorce may want to conserve them for retirement, may need to spend
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When I draft QDROs in a Texas divorce, one of the parties hires me to draft the QDRO after the judge signs the divorce decree. This is usually not the most efficient or productive method to deal with the QDRO. It is far better to start thinking about the QDRO early in the divorce. Many of
When to start thinking about a QDRO in your Texas divorce Read More »
As a Texas divorce lawyer, I have written about dividing employer-sponsored retirement plans in a divorce through a qualified domestic relations order, or QDRO. These benefit plans are not the only retirement assets to divide in a Texas divorce. Individual Retirement Accounts, or IRAs, are also divisible in a divorce. A key misconception by many suffering through a
Dividing IRAs in a Dallas or Fort Worth Divorce Read More »
Many large and longstanding employers, like AT&T, General Motors, Hewlitt Packard and Bank of America, have defined benefit pension plans that offer retirement benefits more complicated in their benefit formula than a 401k plan where the participant receives the vested benefit on the distribution date. These defined benefit plans determine benefits out of a combination of service
AT&T Pension Benefits and QDROs in a Texas divorce Read More »
One issue dividing retirement accounts in a Texas divorce is whether the division is on shared interest or separate interest. This issue is technical and can be a confusing aspect of dividing retirement plans in a divorce. Often this issue arises when the parties are determining the final language of the divorce decree and the
Shared Interest vs. Separate Interest in a QDRO Read More »
Military pensions, or military retirement, is a complex and tedious part of a Texas divorce. Generally, dividing retirement plans in divorces can be complex legal and financial undertakings; but military pensions carry unique functions that affect how they fit into a divorce in Texas. What works in one divorce may not be remotely close to the
Military retirement and Texas divorces Read More »
During the asset division in a Texas divorce, an employer-sponsored retirement plan may be subject to the property division. Texas follows the community property rules, which distinguishes between property acquired during the marriage as marital property (community property) from property acquired before the marriage or during the marriage as the individual’s property (separate property). Community
Planning for a QDRO in your Texas divorce Read More »
In a Texas divorce, one of the major assets to address in a property division include retirement accounts, such as a 401k or defined benefit pension plan. Retirement assets within a private employer’s retirement plan are typically governed by ERISA. ERISA, the Employee Retirement Income Security Act of 1974, establishes particular processes for dividing assets
Earning the Q in your QDRO Read More »
, next to perhaps the home. Regardless of the value in these retirement plans, 401k plans and pension plans, many couples mishandle these accounts in divorces. The result can be a substantial financial loss for one spouse, sometimes even for both. Today’s post will detail some of the most common ways people in Texas divorces mishandle
7 Ways You Are Mishandling Retirement Plans in Your Texas divorce Read More »
During a divorce one of the biggest issues in dividing the marital property is dividing the financial assets. Most married people will designate their spouse as the beneficiary on the account or policy. The Employee Retirement Income Security Act (ERISA) governs most employee benefits. It requires married employees to designate their spouse as the primary
What happens to my beneficiary designations after a divorce in Texas? Read More »
Divorce is a time where preparation, rational thought and a willingness to make long term decisions are critical but these things can be hard to do because divorce is often also a very emotional time. Texas family law attorneys assisting clients in divorces have a responsibility to the legal interests of their client. Some attorneys take
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401k fees have come into focus as one of many ways the financial services industry leeches money from the investors. That focus turned into litigation by participants against their plans (and plan service providers). Eventually the Department of Labor instituted fee disclosure rules that require plan service providers to break down fees charged to the
Should I be concerned about 401k fees? Read More »