Understanding the Importance of a QDRO in Your Divorce
So you’re finally divorced. Congratulations. It’s over. I know it’s been stressful. I’m sure it’s been frustrating. Everything should be able to just move forward, right? You would think so.
The one thing that you need to ask your attorney when you’re finalizing your divorce paperwork is, do I need a Qualified Domestic Relations Order? A Qualified Domestic Relations Order, or QDRO, is a separate order that needs to be filed in conjunction with or very soon after the divorce decree. My name is Carl Birkhead, and I’m a Tulsa divorce attorney with Wirth Law Office.
What is a Qualified Domestic Relations Order?
More likely than not, you and or your spouse have been accruing a retirement account, a 401k, or some sort of pension plan while you were married. During the course of that marriage, they’re entitled to half of what you got, and you’re entitled to one-half of what they have.
Divorce decrees don’t do this, or at least they don’t fully do it. You can have a decree that says Mr. Smith gets one-half of Mr. Smith’s retirement, and Ms. Smith gets one-half of Mr. Smith’s retirement, but it’s not going to work without the Qualified Domestic Relations Order, the QDRO, in place.
How to Navigate the QDRO Process
These aren’t terribly difficult, but they can be frustrating and a little bit time-consuming, especially because a lot of different employers, a lot of different retirement companies, more specifically, have a set version of the QDRO that they want. Either they’ve got their own form bank, or they’ve got a template they’ve used forever.
So the first thing that you need to do is go to your boss, or your HR department, and ask them, hey, I’m going through this divorce. We need to do a QDRO. Does our retirement company have a form that they want me to use? If the answer is yes, great. Get that form, get it to your lawyer, they’ll get the retirement split, and you’ll be done.
If the answer is no, also great. Let the lawyer know, and they can mess around with whatever version of the QDRO they prefer to use. You must ask these questions, though. You must get this done, and get it done soon, because the last thing you want is to be 10 years out from having your divorce settled, thinking that you’re good, only to have to go relitigate it because this one issue wasn’t figured out.
Get Professional Guidance on Your QDRO Needs
If you have questions about it, or if you’re going through a divorce, and you’re not sure if you need a QDRO, give us a call. I’d love to sit down with you. We can discuss the facts of your case and figure out if this type of order is something that you need to have included.
Schedule Your Low-Cost Initial Strategy Session Today!
My name is Carl Birkhead. I’m a Tulsa family law attorney with Wirth Law Office, and I want to help you make law easy. Call us at 918-879-1681 to schedule your low-cost initial strategy session. Let’s ensure your financial future is as secure as possible.
