Did you know that qualified retirement plans must be divided using an order called a qualified domestic relations order (QDRO)? Even if your divorce decree clearly stipulates that you are entitled to receive a portion of your former spouse’s retirement plan benefits, the establishment of a QDRO is necessary for this legal action to be taken.
The QDRO is sent to the plan administrator of any affected retirement plans in order to trigger him or her to divide the retirement plans in line with the order itself and the divorce decree. A belated QDRO, however, is not barred by statute of limitations in New York.
It is necessary to consider how to use a qualified domestic relations order from the moment that you elect to get divorced. While there are many different aspects of a divorce that should be handled directly by an experienced Brooklyn family lawyer, you should not allow too much time to pass before you consider what may be one of the biggest assets inside the marriage: the retirement plans established by both spouses.
The support of a lawyer is critical for understanding how these key decisions are made and what must be included in the qualified domestic relations order for it to be legally accurate and accepted by any plan administrators. An attorney who has worked in this field over the course of many years and has navigated many qualified domestic relations orders will help to ensure these obstacles and erroneous mistakes are avoided to the best extent possible.
This can give you a great deal of peace of mind when it comes time for you to receive these benefits in the future; be sure that you are well set-up to do so. Schedule a time to consult with an experienced Brooklyn family divorce lawyer to better understand QDROs today.Posted in : Divorce ,