Divorce is a frequent occurrence in Virginia and across the United States. The end of a marriage is sometimes unavoidable and can actually benefit those who decide to move forward with it, as they can get on with their lives. However, there are ingrained concerns that a large number of people who are divorcing have to keep in mind. Many of these have to do with finances. Combined with the emotional aspects of the marriage ending, financial aspects may go ignored at the peril of the participants.
Retirement accounts are a key asset in many divorces. Understanding a Qualified Domestic Relations Order is important, as it will divide certain retirement plans like a 401(k) and a pension. It can be complicated to have a QDRO approved. With the QDRO, the administrator of the plan needs to be informed of the divorce proceeding early to make certain that the rules of the plan are followed.