How Are Retirement Benefits Divided During an Oklahoma Divorce?Putnam Law Office
Several things are divided up during an Oklahoma divorce, from property to financial earnings. One thing that might also be divided up in your divorce if you or your spouse are a certain age is retirement benefits. Whether your ex-spouse will be allowed to receive a portion of your retirement benefits depends on different factors. Being aware of these factors can help you better financially prepare for the divorce. If you ever have any questions or come along any obstacles, feel free to talk to an Oklahoma Divorce Lawyer for legal advice.
Retirement Benefits and Divorce in Oklahoma
When it comes to Oklahoma retirement benefits and divorce, securing your retirement benefits can be vital for your financial future. The last thing you want to do is unfairly lose your retirement benefits. Losing retirement benefits can hurt some people in the long-run, especially if you depend on those retirement benefits for a basic income and have no other financial resources.
The information you will want to find out pertains to how your retirement benefits or pension will be divided during the divorce and what details you will need for the Domestic Relations Order. Knowing how your retirement benefits will be divided up or whether they will be divided up at all can give you a good idea of how much money you may or may not lose after the divorce. Having details ready for the Domestic Relations Order is important if you want to make sure the family court orders the retirement system to pay the benefits they owe.
Oklahoma uses a Qualified Domestic Relations Order (QDRO) is a legal document that can court order the amount of retirement benefits that will be paid to you or your soon-to-be ex-spouse. This legal form also states when you or your ex-spouse will be paid these benefits and how. Talk with a lawyer to learn more.
When Can My Ex-Spouse Receive Oklahoma Retirement Benefits?
When it comes to Oklahoma retirement benefits for ex-spouses, there are certain conditions that have to be met before your ex-spouse can have any portion of your retirement benefits. For one, your ex-spouse needs to be within the retirement age of 62 years old or older, must be unmarried, and the marriage you shared must have lasted at least ten years. You yourself must be eligible to receive Social Security retirement benefits.
In terms of how much retirement benefits are given, your ex-spouse must receive less retirement benefits based on their own work history than you are receiving or will receive in order for them to qualify for a portion of your retirement benefits. Be sure to consult with a lawyer about what your preferred outcomes are when it comes to this, including your preferred outcomes for Oklahoma division of property.
Family Attorney in Oklahoma
Figuring out how different assets will be divided up during a divorce can be difficult to manage alone. Consider hiring an Oklahoma Family Lawyer if you have concerns about losing your property, financial assets, retirement benefits, or children. Contact the Putnam Law Office at (405)-849-9149 for a consultation today.