Advantages Of Qdro Atlanta In Dividing Retirement Benefits
In most of the times, during the divorce, issues of property division
, child custody and spousal support can easily overshadow the importance of the division of retirement benefits. At this point, obtaining a qualified domestic relations order Atlanta may be one of the most important documents in a retirement divorce Atlanta, if a spouse can be awarded with part of their soon to be ex-spouse retirement plan.
A Qualified Domestic Relations Order (QDRO) will create or recognizes the existence of an alternate payees right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a pension plan. In simple terms, a Quadro Atlanta will establish legal rights to receive a designated percent of an ex-spouses IRA, pension plan, divorce 401K Atlanta, or profit-sharing plan proceedings an Atlanta Divorce.
However, when an ex-spouse received the entitled money from a retirement plan, he or she will be responsible for paying the related income taxed if received in the form of an annuity, pension, or withdrawal and become a co-beneficiary of the existing pension account. The entitled ex-spouse can also withdraw his or her share and roll money into his or her own IRA. A rollover will allow for the postponing of taxes until funds are withdrawn from the IRA.
If funds from a qualified retirement account in Atlanta are distributed to an ex-spouse without a QDRO the person with the account, not the ex-spouse receiving the funds, will be responsible for paying the income tax and may even be charged with a ten percent of premature withdrawal penalty. Without a QDRO, your ex-spouse can receive funds from your retirement plan through a tax-free windfall at your expense.
If you are experiencing a divorce 401K Atlanta or retirement divorce Atlanta, QDROs can be extremely complicated. There are some well established and experienced legal firms in Atlanta are providing their professional legal services to their clients.
by: sophiarajj
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