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QDRO - Learning About The Purpose Of Qualified Domestic Relations Orders
Order I get a lot of questions regarding QDROs and what exactly they are. A QDRO, or qualified domestic relations order is a legal document that is usually prepared by an attorney that a couple who are getting divorced would fill out if there is a retirement fund that needs to be divided between the two.
Who should fill out a QDRO form? If you and your spouse have decided to call it quits and get divorced and have retirement funds, you are the perfect candidate for a qdro. If there are retirement funds, chances are that you are entitled to at least half of it.
Why should someone fill out and submit a QDRO? In most cases, the breadwinner of the home has a good job with a retirement that is built up over time. Even though one person and possibly their employer has contributed to that retirement fund, both parties are entitled to receive some of those funds upon divorce. That money is no different than any other asset that the couple might have purchased or invested in together.
How does someone fill out and submit a QDRO? When it comes down to it, there are only two ways to fill out and submit a qdro form. One, you can hire a professional to fill out the form and submit it to a judge for review and approval. The success rate in going this route is way better than the second way of doing things.
Yes, this is an option, but not a good option. It is recommended that qdro forms should be filled out by a legal professional who specializes in drafting qdros. Doing so will give you the best shot at having the document approved and best shot at getting the retirement funds that you deserve.
When Should Someone Fill Out A QDRO? Lawyers and judges recommend that you fill out a qdro soon after you decide that you are getting divorced. Normally, when the decision is made, you will most likely seek legal counsel right away. Your divorce lawyer might be able to fill these documents out for you, but if they can't, they should be able to give you the name and contact info for someone who can.
So, if you have a retirement fund or a few retirement funds and are getting divorced, you need to look into filling out a qdro right away.
About the Author A QDRO is required when a divorcing couple has retirement assets that need to be divided. QDRO forms are best filled out by a qualified lawyer.
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