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TX divorce lawyerWhen you are planning for a high asset divorce in Austin, Texas and know that your retirement accounts will be classified as community property and subject to division under Texas law, you will need to have a plan in place to divide those retirement benefits. For wealthy couples anticipating a high asset divorce, the amount of money in retirement accounts can be substantial. Using a Qualified Domestic Relations Order (QDRO) to transfer retirement benefits as part of your divorce could end up saving tens of thousands of dollars (or even more depending upon the amount of money in your retirement accounts and the amount that needs to be distributed to your spouse).

We want to tell you more about QDROs and how they work, and to provide you with examples that demonstrate the importance of having a QDRO in a high net worth divorce. An Austin high asset divorce lawyer is here to assist you.

What Is a Qualified Domestic Relations Order in a High Asset Divorce?

What is a QDRO? The Employees Retirement System of Texas (ERS) explains that a QDRO is a legal order subsequent to a divorce or legal separation that splits and changes ownership of a retirement plan to give the divorced spouse his or her share of the assets. In order to qualify for a QDRO, the ERS’ General Counsel must receive a certified copy of the divorce decree, and the ERS’ General Counsel must review and approve the QDRO.

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Texas divorce lawyerAlthough many couples who file for divorce anticipate conflicts regarding custody or possession of a home, financial problems still catch a significant number of people off guard. Going into divorce proceedings with an understanding of the financial impact that dissolving a marriage will have is crucial, so if you are considering filing for divorce, it is important to consult with an experienced high asset divorce attorney who can walk you through your next steps.

Protecting Your Credit

There are a number of steps that divorcing couples can take to help mitigate certain types of financial problems that they might otherwise face down the road. For instance, protecting one’s credit is an important measure that is often overlooked by divorcing couples. This includes canceling any joint credit cards held in a soon to be ex-spouse’s name, which helps ensure that one party’s credit does not remain tied to the other’s spending habits. This is also a good way to start building a good credit score under your own name.

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