QDRO Tag

https://www.kielichlawfirm.com > Posts tagged "QDRO"

What plans can be divided by a QDRO in a Texas divorce? Dallas QDRO lawyer answers

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 divide benefits. Retirement Plans That Can Be Divided by a QDRO in Your Fort Worth or Dallas, Texas Divorce There are many ways to categorize types of retirement plans but it is helpful here to divide retirement plans between private employer plans and public employer plans. Private...

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Enforcing child support with child support liens and QDROs with Bedford Divorce Attorney

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 and assets, dodges the process server, or truly does not have the income stream to pay child support. There are a wide range of remedies available under the Texas Family Law to enforce child support and recover unpaid child support from financial assets of the obligor. Two of those remedies are child support liens...

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Collecting a judgment for unpaid child support under Texas law

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 Bedford and Fort Worth. Property may be foreclosed to satisfy a debt when the debt is secured against specific property. The Texas Family Code, however, sets out an even more powerful weapon to satisfy a judgment for unpaid child support. Today's post will discuss this weapon and how it compares to the normal protections...

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Fort Worth QDRO Attorney on the 10% Early Withdrawal Penalty

QDROs are a powerful tool in the property division in a Dallas or Fort Worth divorce. They allow a party to receive part of an employee's retirement plan benefits (such as a 401k or defined benefit pension). Under the federal law that governs private retirement plans (ERISA) an employer generally may not take away or give part of an employee's accrued benefit to another person. (This is known as ERISA's anti-cutback rule.) The exception is for a qualified domestic relations order (QDRO) that awards a portion of the employee's benefit to a spouse, former spouse, child or other dependent of the plan...

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Bedford divorce attorney dividing retirement plans with a QDRO

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 spouses. Most retirement plans are subject to federal laws that become entangled with the division in the divorce. The property division in the divorce is governed by state law (Texas Family Code). The retirement plan itself undoubtedly also has specific rules that relate to how...

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Can I take my QDRO money early after my Fort Worth, Texas divorce?

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 payee to take the money as soon as administratively possible. Other plans limit distributions to some time in the future. The QDRO may order that the funds unavailable until certain conditions occur. That is true even if the plan rules would otherwise allow the alternate payee to...

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Dealing with Dividends in a Texas Divorce: Fort Worth divorce attorney explains

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 type of property, its acquisition, its distributions and capital gains (or losses) all affect how to divide property during a divorce. Allocating property as separate property rather than community property is extremely valuable in a divorce. If the property is separate property then it is not subject...

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10 Keys to Tackling Defined Benefit QDROs in a Dallas or Fort Worth, Texas Divorce

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 on behalf of plan participants with records of account activity. Most defined contribution plans use a daily valuation. The account value can in determinable on specific dates, such as the date of marriage, separation and divorce. Defined benefit plans do not make things so easy. In a...

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Dividing IRAs in a Dallas or Fort Worth Divorce

As a Fort Worth 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 divorce and some family law attorneys including dividing an IRA in a divorce like an employer-sponsored retirement plan. That is incorrect. An IRA and an employer's retirement plan like a 401k or defined benefit pension follow different rules in a divorce in Texas. Today's post will discuss how an...

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AT&T Pension Benefits and QDROs in a Texas divorce with Dallas QDRO lawyer Adam Kielich

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 years, compensation and a variety of other factors. These benefits can be substantial and among the property divided in a divorce. Dividing these retirement benefits requires a special court order known as a qualified domestic relations order, or QDRO. A QDRO describes the method to divide the...

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