4 QDRO Questions
Are you going through the divorce process and have questions about qualified domestic relations orders? Check out these 4 QDRO questions and call our Saratoga office today.
Am I Entitled to My Spouse’s Social Security Benefits?
You are entitled to social security benefits if you were married for 10 years or more. I advise clients as a Saratoga Divorce Lawyer that the social security administration will determine if you can share your ex’s work record.
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
When Will I Receive My Share of the Pension?
- Such pensions are defined as either a shared pension plan or a separate interest pension plan.
- If it’s shared, the party who is not titled on the plan can receive their share only when the titled spouse actually retires.
- With a separate interest pension plan option, either party can receive their share on the date the participant is eligible to retire.
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.
If you are going through a divorce and have more questions based on our common 4 QDRO questions, contact our experienced Saratoga Qualified Domestic Relations Orders Lawyer.