What is a QDRO in a Shepherdsville or Louisville area divorce? QDRO is the abbreviation for a “Qualified Domestic Relations Order.” The QDRO is part of the property division orders contained with an uncontested or contested divorce. The need for a QDRO is associated with a specific retirement account or pension fund that is found to be a marital asset during the division of property in a divorce here in Shepherdsville, Mount Washington, Shelbyville, Taylorsville, Radcliff, Elizabethtown, Jeffersontown or Louisville, Kentucky.
Many people are surprised or even shocked to learn that their 401(k), retirement account(s), or public retirement accounts such as KTRS are considered to be a “marital asset” and, as such, are subject to equitable division and distribution during a local divorce case. However, it is important to note that the order from the Court in your divorce case is not enough to actually accomplish the division of an individual’s retirement account or pension.
This is why it is essential to understand the need for a QDRO in a Shepherdsville or Louisville area divorce. Retirement accounts and pensions are managed by unique legal entities. The QDRO is a legal document that contains detailed and legally enforceable language instructing the manager of the retirement or pension account regarding how it is to be divided. The plan manager will not only require a carefully crafted QDRO, but each plan has its own unique phrasing and clauses.
In most cases, the plan itself has its own sample QDRO form and requires specific compliance to many factors before the Court’s division orders can be accepted by the plan administrator and acted upon. Each case is unique, and it is important to work with an experienced attorney from the Law Offices of John Schmidt & Associates, PLLC in order to ensure that your QDRO(s) are properly prepared and executed.
Each individual retirement account, plan or pension will require a separate QDRO in a Shepherdsville or Louisville area divorce. The amounts contributed to the account, as well as the appreciation of existing assets must be taken into account during property division calculations.
We have extensive experience working with QDROs for private plans and DOPOs or “Division of Property Orders” required by public plans such as the KTRS (Kentucky Teacher’s Retirement System) or the Kentucky Public Pensions Authority.
Retirement accounts and pensions are quite often overlooked in a divorce case in Jefferson, Bullitt, Hardin, Spencer, Shelby and Oldham counties. A single mistake can literally cost you tens of thousands or even hundreds of thousands of dollars. This is why it is important to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get answers to your questions and to learn more about your unique circumstances and how to protect what is most important to you in your family law case.
