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.
By Amanda Singer In the Covid-19 relief legislation signed by President Biden on March 11th in addition to the stimulus checks that most eligible Americans have probably already received the legislation also increased the child tax credit. The 2021 child … Read More