Using A Qualified Domestic Relations Order To Secure Your Fair Share
Family homes and vehicles are often among the first items discussed during property and asset division negotiations. Often overlooked are pension and retirement plans, which may contain even more value than your marital property. An experienced family law attorney can help negotiate for your fair share of these plans or benefits whether you are a payee or beneficiary.
At Smith and Messina, LLP, we are well-versed in the complex laws that affect your property rights during your divorce or separation. We can help you obtain a qualified domestic relations order (QDRO), allowing you to hold on to what is yours as you transition to your new stage in life. Do not hesitate to call us at 716-648-1400 to consult with us for free about this or another family law concern.
What Is A QDRO?
A QDRO is a court order that identifies an alternate payee, an individual who has not contributed directly to a retirement plan or a pension plan, and gives this individual the right to collect a portion of the benefits accrued in these plans.
How Does This Process Work?
Since the value of retirement and pensions increased over the course of a marriage, these assets are considered marital property and subject to division. During property division negotiations, parties agree to the amount of money or percentage of the account that each spouse is entitled to receive.
After the terms of the property and asset division agreement are approved, a form must be sent to the administrator of the pension or retirement plan. This administrator must review the document and ensure that it meets the requirements before the money can be paid out.
How We Can Help
Our attorneys understand the QDRO process and are adept negotiators. We can take steps to locate and determine the true value of retirement and pension plans so that you secure what you deserve. Our team can handle all the paperwork, giving you the peace of mind that your documents are completed correctly and submitted to the correct administrator.
Having led countless clients in western New York through divorce and separation proceedings, we know that our clients are struggling with a range of concerns beyond property division. Allow us to take this burden off your shoulders so that you can concentrate on your loved ones and rebuilding your future.