Qualified Domestic Relations Order Facilitation
The Qualified Domestic Relations Order (QDRO) is prepared when couples are splitting retirement assets not in an IRA such as pensions and 401(k) accounts. Once completed, it is sent to the judge for approval and then forwarded to the plan administrators for division of the assets. This process can take several weeks to several months typically. Because we are involved with the couple during the divorce process, we have the needed documents and can facilitate the process much quicker than traditional providers. In addition, we offer a very competitive rate of only $750.
Every plan has its own QDRO requirements. Some are not even called QDROs but they are generically referred to as such. It’s important that when you have a QDRO form prepared, it is sent to the plan for pre-approval to ensure that it meets all of the requirements BEFORE you send it to the judge, or you risk having it rejected by the plan and having to start over with more expenses.
A good QDRO provider will be sure you understand the various options available for each party regarding survivor benefits, lump sum options, etc. At The Financial Knot, we use the finer details of these options in negotiations of your marital settlement agreement during the divorce, so that each party is 100% sure of what’s really going to happen in their future when they claim these benefits. We understand all of the intricacies of your negotiation BEFORE you agree to a settlement involving a QDRO and will advise you accordingly. Because of this, we know exactly how to prepare your QDROs when the time comes.