A Qualified Domestic Relations Order (“QDRO”) or Domestic Relations Order (“DRO”) are special court orders which are required for the division of certain types of retirement accounts or pension plans.
In a divorce, retirement accounts and pension plans can be divided generally without any tax consequence to either party, as long as the appropriate court order enters. With retirement plans such as a 401(k), or a pension plan with a private company, a QDRO is necessary for the transfer of any interest in those plans from one spouse to the other. State and governmental retirement and pension plans also require a court order for division, but the order is called a DRO.
Our office represents parties with regard to the division of retirement assets, but does not draft either QDROs or DROs; however, we work with attorneys and actuaries who have this expertise to draft the QDRO or DRO for our client as it is more cost effective for the client. We then obtain the necessary Court approval of the QDRO or DRO. We also represent clients where there are disputes regarding the division of retirement accounts or pension plans or the language of a QDRO or DRO.
Contact us for more information or to schedule a consultation.