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Divorce, retirement and how you can keep your future plans intact

Divorce will certainly bring many significant changes for both parties in a Rhode Island couple, and finances are no exception. It is completely normal to have concerns over issues regarding long-term savings and stability after divorce, and as a result, much of the conflict involved in divorces relates to money to some degree. 

As you navigate these sensitive issues, you may not want to think only about your current financial circumstances, but also your future needs. Temporary emotions and disputes should not cloud your judgment or have a lasting impact on your final divorce order. When it comes to long-term savings, such as retirement, you need to know how to protect your interests and your plans for the future.

What does a QDRO have to do with it?

QDRO stands for Qualified Domestic Relations Order. This document outlines the division of retirement accounts during a divorce. If you have retirement savings and you are working through a divorce, you will likely need a QDRO. This court order allows someone other than you to receive assets from the account. An alternate payee could be your child, another beneficiary, or after your divorce, it could be your ex-spouse.

As the terms of your property division agreement will have a significant impact on your life for years into the future, it is prudent not to work through these issues alone or agree to terms without seeking guidance. A QDRO essentially acts as court approval for your agreement regarding division of retirement savings, and it must include the following:

  • Name and address of the participant
  • Names and address of any alternate payees
  • The specific names of the plans addressed in the QDRO
  • The amount that is to go to the alternate payee
  • The number of payments or the specific amount to be paid

You may find it useful to better understand your QDRO and what you need to pursue a strong, stable financial future after your divorce.

Your divorce and your golden years

You do not necessarily have to put your plans for your retirement on hold because of your divorce. With guidance, you can fight for a future that allows you to continue with your plans and adjust to your new financial status with ease.

Retirement is important, and the decisions that you make during your divorce will impact your golden years. When you have the right information and proceed thoughtfully and carefully, you can protect both your immediate interests and your long-term security.

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