Ensure that your retirement accounts are properly divided
As part of the divorce process, you may need a Qualified Domestic Relations Order (QDRO) prepared to divide a retirement account. A QDRO is required for a divorce when pension funds or qualified retirement accounts are involved. This order establishes your future ex-spouse’s legal right to receive a designated percentage of your qualified plan account balance or benefit payments.
For non-qualified retirement accounts, such as an IRA, a QDRO is not usually required. Instead, a copy of your marital settlement agreement will suffice to transfer the funds. There are special exceptions for qualified retirement accounts when money is being transferred pursuant to a divorce. Ask us about your available options when discussing your retirement accounts.
While we do not draft QDROs in-house, we have established relationships with high-quality professionals that specialize in drafting QDROs. We will make the introductions and stay on top of the process to ensure it is completed in a timely manner and not a forgotten detail.