When a Kentucky couple gets divorced, they may have a number of marital assets to divide up between them. If they have been married long enough, they may also have to determine what happens to their retirement assets. When dividing up retirement assets, it is recommended that a person use the advice of a financial analyst in addition to their attorney to ensure that the Qualified Domestic Relations Order they need to sign is equitable and fair.
A QDRO is the judgement that actually deals with the retirement side of the asset division during a divorce. Depending on the former couple’s circumstances, the QDRO determines how child support, marital property rights or alimony may be paid. Further, the QDRO can also ensure that any asset transfers occur quickly or within a reasonable time frame.
A qualified financial analyst can assist with helping a person understand the bottom line and how the divorce agreement will actually affect them financially. Once the divorce is actually finalized, the financial analyst may then be able to set them up with a new financial plan that will allow them to be secure post-divorce.
The divorce process can be difficult, especially if the couple has spent years setting up retirement funds and obtaining marital assets. A family law attorney may assist with negotiating the division of assets while keeping the person’s best interests in mind. If there are numerous financial assets that could have an impact on one or both parties down the line, the attorney may bring in a financial analyst so that the person can be fully aware of what their financial situation will be like after the divorce. Further, the attorney and the financial analyst may also help the person come up with a financial plan that will allow them to move forward.