QDROs are not neutral decrees. Each party should have their own attorney to prepare or review the document. This way each party has a legal professional who will look after their best interests. At the same time, it is important to choose an attorney who has extensive experience working with QDRO’s. Your attorney should have a deep understanding of asset division. Mistakes and omissions can be financially detrimental to either or both parties. For example, if you or your spouse have a pension plan, it’s best to seek advice from an attorney who can prepare a QDRO that meets the plan requirements and contains favorable terms that meet your interests. After everything is done, the alternate payee is informed as to how and when benefits will be given. Many pension plan benefits are tax deferred, and taxes are paid as monthly payments are received. Some plans offer options to roll over the benefits into an IRA and are tax deferred until retirement age. To discuss your issue, please contact David M. Gabriel and Associates to set a consultation.
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