After a divorce a Court may order you to transfer all or part of your retirement plan(s) to your former spouse. If you transfer assets held in a retirement plan (except for an IRA) without a Court Order to your former spouse, you will be subject to an income tax and possible tax penalties. This Court Order allowing a transfer of assets without an immediate income tax, etc. is known as a "Qualified Domestic Relations Order("QDRO"). For a QDRO to be valid it must meet certain federally established criteria. We can help you and your Divorce lawyer prepare a QDRO that will meet these criteria.
Divide the Retirement Benefits As Part of the Divorce Proceeding
During your divorce, make sure that as part of the settlement your and your soon to be ex spouses retirement benefits are evaluated and divided. By taking this action step as an immediate part of the current divorce proceeding you will ensure a fair, accurate and expeditious resolution of this asset