Your Rights Regarding Retirement Plans
At the conclusion of your divorce, if you expect to receive distributions from your ex-spouse’s retirement plan, you need more than just the divorce decree. You will also need a separate document called a Qualified Domestic Relations Order (QDRO). If your divorce did not include creation of a QDRO, an experienced family law attorney can help you now.
A QDRO is a document that gives a retirement plan administrator the ability to pay the funds of a pension or other qualifying retirement account as ordered by the Court in the divorce case. Our dedicated attorneys fully discuss the facts of your case and can help with QDRO’s by doing the following:
● Contacting the plan administrator for any specific language needed
● Preparing the QDRO in advance of hearings in your divorce case, so it can be presented for the Judge’s approval
● Including necessary language such as the distribution of the account is related to division of marital property, or payment of alimony or child support
● Making sure the document complies with family law requirements
Orders that meet the requirements of property division and support payments are eligible to be turned into a QDRO so that a retirement plan administrator will pay as ordered. It is not necessary for both parties to the divorce to sign the document, but the order will not be effective as a QDRO unless it contains language that recognizes the existence of an alternate payee’s right to receive the payments. Additionally, the document must include the name of each plan to which the QDRO applies, the amount of benefit to be paid to the alternate payee and a term of payments (such as a time period, or number of payments). The QDRO must also include the name and address of the plan participant and of the alternate payee. The Ferraro Law Group has over 30 years’ experience helping families, and understands the complex nature of specialized documents such as QDRO’s.
For more information about structuring retirement plan division, call an experienced family law attorneys in Stuart and the Treasure Coast. We offer an initial appointment for a low flat fee. Protect your financial future by calling today to schedule a meeting with one of our skilled attorneys.