QDRO'S-Qualified Domestic Relations Orders
Qualified Domestic Relations Orders-Dividing a Retirement Plan
When couples going through a divorce have retirement accounts, pensions, IRA's or other qualifying retirement benefits or employment packages, A QDRO or qualified Domestic Relations Order may be necessary. A QDRO is a legal Court order that directs a retirement plan administrator to divide a party's plan according to the order. The Court order is typically prepared after the Divorce is finalized and accoringthe Judgment of the court or the agreement of the parties to the divorce. Many Financial companies have QDRO's online as part of their client services. This streamlines the cost and time the process take to get the order signed by the court to divide the assets.
Most plans require basic information to be included in the court orders:
- Name of the parties
- Case information
- The amount or percentage of the plan, how it will be divided, and when
- Whether or not the employee spouse has reached the age of retirement
QDRO'S-Getting it Done
After your divorce is finalized, you will need certain documentation to obtain the proper QDRO for your plan. As mentioned before, many companies already have a form couples can use by going online and filling them out online. Our firm can assist with these online forms. Similarly, if the company does not offer an online version for its customers, you will require the assistance of a QDRO attorney, who specializes in QDRO preparation. These are counsel that only prepare QDRO's for retirement accounts, pensions, We can assist in finding appropriate QDRO counsel, whether you need a QDRO in Beverly Hills or a QDRO in Los Angeles.