Article provided by: msmqdros.com
QDRO Preparation is difficult. You need to do more than request access to a retirement account in a separation. You need to avoid causing more struggle for your family while proving your interest in the account. Moon, Schwartz, and Madden helps clients draft the right documents to secure their futures.
Are retirement accounts communal property?
In most circumstances, you have an interest in a retirement account. You generally have an interest in any retirement plan or pension listed by the Employee Retirement Income Security Act.
This means that you may be entitled to a part of an IRA, state pension plan, corporate plan, or Coverdell savings account. In most circumstances, 401(k) falls under ERISA.
Why do I need a QDRO?
Judges approve a qualified domestic relations order to extend interest over a retirement account such as a retirement or pension plan. While they technically issue the order, this document is usually drafted by the party requesting access to the funds.
Approval means considering all parties involved. Your access to funds may depend on factors such as previous interests and whether there was an expectation that you would have access to retirement accounts.
Who prepares a QDRO?
While the party seeking access to the funds can prepare a QDRO on their own, it is better to use a lawyer. You need to accurately fill out the required form and provide evidence related to your case.
We can help you:
- Fill out a request
- Help with issues related to addresses and names
- Provide evidence required to secure your retirement
- Deal with other parties in your divorce case
A lawyer is an unbiased and trained party. We know how to help.
How long does it take to prepare a QDRO?
While the QDRO form appears simple, there are more factors that go into the order. Filing a QDRO requires a detailed understanding of the retirement plan and an accurate estimate of the future value.
In general, it takes three to six months to prepare a QDRO. All lawyers, parties, administrators, and the judge are involved throughout this time to determine the fairest and best result for all involved.
How do you start a QDRO?
You can draft a QDRO at any time. However, the first step is to perform a full accounting of your ex-spouse’s accounts. Gathering information requires an actuarial valuation.
As an expert in the process, we help clients by performing the valuation and any other steps required to build a full understanding of the assets involved. Never leave your future to guesswork.
Qualified domestic relations order preparation and review
QDRO preparation requires an understanding of accounting, drafting, review, and the legal process. There is nothing worse than leaving your future to chance. The attorneys at Moon, Schwartz, and Madden help you gain a full picture of your accounts and submit your order for approval.
We work hard for a fair and just solution during these trying times. Get in touch with our attorneys at (925) 258-7100 for Northern California or (714) 430-8984 for Southern California.QDROPreparation