Many people view asset protection in my practice in terms of business structure, bankruptcy, corporate status, and real estate issues. All too often I see small business owners coming to me for advice on how to protect and preserve their business in a divorce. I thoroughly enjoy working with those clients but one aspect of asset protection is being frequently overlooked in their divorces: protecting their retirement.
Many clients have pre-negotiated terms of retirement distribution when they get divorced but fail to follow through in concurrently obtaining a QDRO (Qualified Domestic Relations Order), which is frequently necessary to actually GET the funds out of the plan. I found this article from Forbes magazine that explains the intricacies and pitfalls of failing to get a QDRO instituted while dissolving a marriage.
If you need help protecting your retirement assets, please don’t hesitate to contact Betsy Lynch, your asset protection advocate!