Dividing property when ending a marriage can be a difficult thing to do. Wanting to walk away with the best divorce settlement terms possible is the goal; yet, many couples in Louisiana and elsewhere are not achieving that goal. Why? They are leaving retirement assets on the table.
According to a recently published article, few people are taking the steps necessary to claim a portion of their former spouse's retirement funds. Any money contributed to retirement accounts during a marriage is fair game, but some mistakenly believe it is considered separate property. Others who know they have the right to it do not want to pay the fees necessary to split the account, or they have their requests rejected.
In order to split a retirement account, a Qualified Domestic Relations Order must be completed and approved by the plan administrator. Not many people are aware that they have to do this. Those that are often find their requests rejected because their applications lack basic information. Those whose QDROs do not receive approval often let it go rather than filing again or appealing the decision.
A retirement account is a sizable asset. Gaining access to a portion of this asset can make or break a person's post-divorce financial position. Louisiana residents who want to make sure they walk away from their marriages with the best settlement terms possible and without leaving anything on the table can help themselves by seeking assistance from an attorney who understands how QDROs work and what it takes to have them approved.