Fishers QDRO Attorneys
Assisting Fishers Residents
Going through a divorce is a very difficult time in a person’s life. Splitting the marital estate can also be a stressful process. When a couple goes through a divorce, one issue that arises is the division of the marital estate and how to properly divide it, including any retirement and pension accounts in either party’s name.
A Qualified Domestic Relations Order, also known as a QDRO, is a document that allows parties to transfer funds from one spouse’s retirement fund to the other. The IRS uses a QDRO to make a non-taxable, penalty-free transfer of funds. A QDRO applies only to employee benefit or pension plans authorized under the Employee Retirement Income Security Act (ERISA).
Drafting and filing a QDRO document is a complex and lengthy process, as plan administrators for retirement funds often require that the QDRO contain specific language. Our Fishers family law attorneys at Massillamany Jeter & Carson are highly experienced in drafting, setting up, and filing these documents.
Let our attorneys help guide you through this difficult process and call (317) 434-1490 or visit us online for a free consultation.
What Information Is Required for a QDRO?
A valid QDRO must provide the following information:
- The name and address for the retirement fund’s participant and each alternate payee;
- The name of each plan or fund subject to the order;
- The amount or percentage of the benefit requested by the alternate payee; and
- The number of payments or range of dates subject to the order.
However, the QDRO must not include the following provisions:
- An order to provide an alternate payee or participant with a type of benefit that isn’t otherwise provided under the plan;
- An order for increased benefits;
- An order to pay benefits from another alternate payee’s benefits ordered under a previous QDRO; or
- An order for benefits through qualified joint and survivor annuities based on the lives of the alternate payee and their subsequent spouse.