What is a QDRO?
QDRO stands for “Qualified Domestic Relations Order” and it is the Order that is used to divide certain retirement accounts.
When do I need a QDRO?
Not all retirement accounts require a QDRO for division. For instance, IRA accounts can be divided without a QDRO while 401(k) accounts require a QDRO be drafted. The funds of a 401(k) cannot be divided without a QDRO.
What are the steps to obtaining a QDRO?
Once the parties have agreed on how much each person will be receiving from the retirement account, an attorney will prepare the QDRO pursuant to the specific guidelines set out by the company that manages the 401(k). Once drafted, the QDRO is then sent to the company’s plan administrator for their review and approval. After the QDRO has been approved by the plan administrator, the parties, and their counsel, it is then forwarded to a Family Court Judge for signing and filing. When the QDRO has been signed by the Judge and filed with the Family Court, the funds will then be divided and disbursed pursuant to the terms outlined in the QDRO.
Does Bleecker Family Law prepare QDROs?
We do not prepare QDROs, but we routinely work with many firms that do. We will be glad to assist you in finding a seasoned professional to help prepare your QDRO.
Contact us today about Qualified Domestic Relations Order or schedule a consultation!
Authored by Attorney, Melissa E. Simondi