Divorce and Retirement Accounts
Division of retirement accounts is a part of divorce. However, just because a Judgment for Dissolution of Marriage that says that you are entitled to a percentage (or a specific amount) from your spouse's retirement account was entered, does not mean that you will automatically receive that amount. Usually, there is another step that needs to be completed. Your attorney has to enter what's called a Qualified Domestic Relations Order (QDRO). A QDRO is an Order that has to be approved by the company that holds the retirement account. Once it is approved and entered with the Court, the company will then accept it, and depending on your Judgment, the circumstances, and the company's policy, will divide your spouse's (or your) retirement account. The process can be difficult and may require the assistance of an experienced divorce attorney to make sure that everything is done correctly. Feel free to give us a call to schedule a meeting to discuss your QDRO-related questions.