New Jersey residents who have gone through a divorce know how complicated and emotionally draining the process can be. Once the divorce is finalized, the enforcement of the settlement may become the next headache for men and women.
Even when a woman, for example, is granted a settlement that is fair for both parties and their children, it often times is not followed through with by the ex-husband. Although they sometimes have been ordered to pay spousal support and child support, many times a few payments are made and then payments stop altogether. So what can a woman do in these situations?
According to a recent Forbes article, Qualified Domestic Relations Orders (QDROs) can be a way to ensure women receive the financial payments their ex-spouse was ordered to pay. The QDRO is an order that refers to retirement plans. A QDRO can ensure that the spouse receives part of their ex-spouse’s retirement payments, whether from pension plans, 401Ks, 403Bs and/or other ERISA plans. IRAs, however, cannot be part of a QDRO. These orders, though, can be used to finance retirement or to collect unpaid child support and spousal support.
For a woman seeking spousal support and/or child support in a dispute, a QDRO may be a good way to ensure these payments are made. Because these arrangements can be complicated, consulting with a legal professional skilled in family law is important. These legal professionals can navigate complicated court proceedings and seek out additional help from experts in financial matters.
Because so many financial arrangements made during divorce proceedings are not honored by an ex-spouse, a QDRO can be a good way to ensure that a woman’s financial matters are taken care of, therefore securing her financial future.
Source: Forbes, “How to get your ex-husband to honor the financial terms of your divorce settlement,” Jeff Forbes, Feb. 19, 2014
