Do you have questions in regards to Qualified Domestic Relations Orders. We put together 3 commonly asked QDRO questions here.
Qualified Domestic Relations Orders (QDRO) Process Explained
Typically, you should submit a QDRO with your judgment of divorce. Some judges are requiring that now; they didn’t use to. You can submit a QDRO later. However, you don’t want to run into the problem where you forget to submit it, and all of a sudden 5, 10, 15, 20 or more years go by. If something happens to your ex-spouse, and you haven’t submitted a QDRO, you’re not going to get the funds. You want to make sure that you do it as soon as possible, preferably when the judgment of divorce is forwarded to the judge.
1. Am I Entitled to Social Security Benefits During a Divorce?
Yes, if you are a divorced spouse and you were married for a period of 10 years or more you are entitled to social security benefits. There are other certain criteria the social security administration will review to determine your eligibility in order to take your ex-spouse’s work record. A court order would not be required.
2. What Happens to My Pension or Deferred Compensation Account After a Divorce?
- A Deferred Compensation Plan is a plan that consists of a set amount of money that can be accessed at periodic intervals after the age of 59 and a half
- The deferred compensation plan is simply divided either in half, or by a percentage that either they or the court has ordered
3. Who Must Divide the Retirement Accounts After a Divorce?
- In general, the party taking a deferred compensation or pension plan – the non-titled party – is responsible for drafting the order to divide the pension plan or deferred compensation plan.
- Sometimes, in cases that require multiple orders, the cost can be significant and we try to negotiate allocation of the cost to divide these assets before an agreement is done.
- These are marital assets and neither party should bear the total burden of dividing those assets.
Contact Our Divorce Lawyers Today!
Our attorneys are experienced in family law and can help you achieve your legal goals. If you have more inquiries regarding our 3 commonly asked QDRO questions, please contact our Saratoga Divorce Attorneys.
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