When going through a divorce in Texas, it is important to properly divide retirement accounts. To split a 401(k) or similar account, a qualified domestic relations order (QDRO) will need to be drafted. The order will then be approved by a judge and reviewed by a plan administrator before the money can be transferred out of the account. Usually, only contributions and appreciation that occurs after the marriage begins is split in a divorce.
One of the more common issues for divorcing couples in Texas is determining which party receives the marital home. Though retaining the home can often be financially advantageous, there are a number of factors to consider.
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