Courts typically divide retirement accounts such as 401ks and IRAs in the same manner that other marital property is divided in a divorce. However, after the court divides retirement accounts, the parties must subsequently prepare separate orders to effectuate such division. These separate orders are usually called Qualified Domestic Relations Orders or “QDROs”. A QDRO is a domestic relations order issued by a state court that creates or assigns to an “alternate payee” the right to receive all or a portion of the participant’s benefits under a retirement plan. It is important to work with a qualified lawyer who is knowledgeable about the technicalities of pension and retirement plans and familiar with ERISA’s QDRO regulations. The lawyers at Terry Frank law are well-versed in the complexities involved in drafting QDROs, obtaining the court’s signature, and getting approval from the retirement plan administrator.
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