Divorce is never a simple process, especially when achieving equitable financial separation. Before you even think of divorce, you must first understand what it entails and its impact on your retirement savings.

Typically, a judge is most likely to award your spouse with some part of your retirement funds when you file for divorce. The process, however, it’s complex. Here are things you should know:

1. You need a QDRO

You’ll need a qualified domestic relations order to divide your retirement funds. It is often issued after the final judgment of divorce and guides you on how your benefits will be distributed.

The best you can do is work with an attorney with QDRO experience. That way, you avoid committing some common mistakes people make when sharing their benefits. With an experienced attorney, you wouldn’t have to worry about making a mistake.

2. A judge must approve your QDRO

After your attorney has helped you draft a QDRO, a trial court judge must review and sign it before you can proceed. Most often, the process is lengthy. But if you’re working with an attorney, the delays caused by mistakes will be eliminated.

After a judge has signed your QDRO, you’ll need a certified copy of the QDRO and your divorce judgment. Finally, you’ll need to submit to your plan’s administrator for approval before your retirement benefits can be distributed.

3. Revoke beneficiary designations

After a divorce, one of the things you should do is review your beneficiary designations. It will make sure that your benefits are distributed according to your wishes. For instance, you might have to revoke your spouse as a beneficiary.

When you fail to do this, your retirement accounts and estates are likely to go to your ex-spouse. Instead, you might want to make your kids a beneficiary or a relative or friends. That is to ensure that your benefits are shared according to your wishes in the event of death.

4. Work with an attorney

It would be best if you had an attorney who has experience in QDRO. That way, your chances of getting a good outcome increase. Not only will your attorney help you draft a QDRO, but they will also ensure you don’t make any mistake that could delay your order.

If you’re worried about your retirement funds, the best thing you can do is get in touch with an attorney. We’ve been helping numerous of our clients get the outcome they deserve, and we can help you too. So feel free to give us a call or fill out our contact form to book an appointment.