February 09, 2013 (Press-News.org) Retirement assets and qualified domestic relations order in divorce
Article provided by Law Office of Victor Mordey
Visit us at http://www.thechulavistalawyer.com
One major component of state divorce proceedings is the division of marital property between spouses, and it is the subject of most divorce-related litigation. In addition, when it comes to retirement plans, the legal issues become slightly more complex, given that federal law governs particular retirement plans under the Employee Retirement Income Security Act.
Under ERISA, if a participant in certain types of retirement plans wants to assign the right to receive those benefits to another individual, a state authority must issue a qualified domestic relations order.
Therefore, it is important for divorcing spouses to keep in mind that a simple separation agreement or divorce decree when it comes to the division of many retirement assets will not suffice, but rather a qualified domestic relations order is required.
What is a QDRO?
A QDRO is an order or decree that divides specific retirement assets during a divorce issued by any state agency, authority or instrumentality with the power to issue judgments, decrees, or orders, or to approve property settlement agreements, pursuant to state domestic relations law.
A QDRO is not necessary to partition deferred annuities, Individual Retirement Accounts (IRAs), or government retirement plans, such as military, federal or state pension plans. Usually, division of assets in these types of plans does require a court order, but not a QDRO.
A QDRO is necessary to distribute the following retirement plans:
? employee stock ownership plans
? 401(k), 403(b), and 457 plans
? business/corporate defined benefit or pension plans
? profit-sharing plans
? tax-sheltered annuities
? money purchase plans
? thrift plans
ERISA requires that the QDRO contain the name and most recent mailing address of the plan participant as well as each alternate payee. The QDRO must also contain the name of each plan to which the order applies, the dollar amount or percentage of the benefit that is to be paid to an alternate payee, and the amount of payments or period of time to which the order is applicable.
Additionally, there are several prohibitions that must be considered by the state court or agency issuing the QDRO. Alternate payees are limited to spouses, former spouses, children and other dependents.
The QDRO must not provide a benefit to an alternate payee under the plan if that benefit does not already exist under the plan, and the amount provided for under the plan cannot be increased. Furthermore, the QDRO must not conflict with another state order previously determined to be a QDRO that assigned benefits to a different alternate payee.
Finally, the QDRO may not assign benefits to an alternate payee in the form of a qualified joint and survivor annuity for the lives of the alternate payee and his or her new spouse.
How are QDROs used in a divorce proceeding?
As mentioned above, the key requirement for a QDRO is that it be issued by a state court or agency. Thus, in the context of divorce proceedings, a QDRO will usually come in the form of a court order, or a court order approving a pre-existing distribution agreement that divides the marital assets.
Keep in mind that the QDRO is distinct from a divorce decree and must be issued separately as a specific direction to the retirement plan administrator regarding how the plan must be divided between spouses. Obtaining a QDRO can be a complicated process, and it is advisable to seek out the advice of an attorney experienced not only in family law, but the drafting of and process of approval for QDROs.
Retirement assets and qualified domestic relations order in divorce
A QDRO is an order or decree that divides specific retirement assets during a divorce.
2013-02-09
ELSE PRESS RELEASES FROM THIS DATE:
Long-term consequences of a Connecticut drunk driving conviction
2013-02-09
Long-term consequences of a Connecticut drunk driving conviction
Article provided by Knight & Cerritell LLC
Visit us at http://www.kclawyers.net/
It's a terrible feeling; being pulled over by Connecticut law enforcement officers on suspicion of drunk driving. The offense of drunk driving is popularly called driving under the influence, or DUI, though in Connecticut the charge is Operating Under the Influence of alcohol or drugs, or OUI.
For those who are eventually convicted of OUI in Connecticut, life can be different for quite a while. One of the after-effects ...
Debt settlement scams
2013-02-09
Debt settlement scams
Article provided by CBG Law Group PLLC
Visit us at http://www.cbglawgroup.com
Debt can often be a scary and overwhelming concern for many people. Creditor harassment can make a person desperate to make the problem go away. Many people, lured by promises that debt will go away, turn to debt settlement companies for help. Unfortunately, many debt settlement companies are running scams that only lead to more problems for a person struggling with debt.
Signs of traps
Debt settlement companies that run scams are a new threat to consumers. ...
What every parent should know about paternity in Texas
2013-02-09
What every parent should know about paternity in Texas
Article provided by Philip Placzek, Esq., Attorney at Law
Visit us at http://www.placzeklaw.com/
Paternity, or legal fatherhood, refers to a father's relationship with his child in the eyes of the law. There are a number of reasons why paternity is an important issue for all Texas parents -- mothers as well as fathers.
Legal paternity is more than just biological fatherhood. It establishes a set of rights and responsibilities that exist between a father and his child. In Texas, a child born outside of marriage ...
UCLA Study Finds Signs of Chronic Traumatic Encephalopathy in Living Patients
2013-02-09
UCLA Study Finds Signs of Chronic Traumatic Encephalopathy in Living Patients
Article provided by Joseph T. Barberi, P.C.
Visit us at http://www.josephbarberi.com/
Traumatic brain injuries (TBIs) are a serious problem in the United States. According to the Centers for Disease Control and Prevention (CDC), approximately 1.7 million people in the United States suffer a TBI, usually in the form of a mild to moderate concussion. Experts estimate that the direct and indirect costs of TBIs - including both medical costs and lost productivity - in the United States run ...
Immigration and deportation: Obtaining legal status in California
2013-02-09
Immigration and deportation: Obtaining legal status in California
Article provided by Law Offices of Mark A. Davis
Visit us at http://www.madlawonline.com
The American dream is not an ideal only known to the American people. Many individuals from other countries know of it too and try to come to the United States in order to create a better life for themselves and their family. In recent years, much debate has surrounded immigration with some states taking a harsh stance on the issue. A recent bill in California appears to have a different view.
The recent veto
Recently ...
Understanding Complex Regional Pain Syndrome
2013-02-09
Understanding Complex Regional Pain Syndrome
Article provided by FINBURY & SULLIVAN, P.C.
Visit us at http://www.finburylaw.com
Complex Regional Pain Syndrome, or CRPS, is a potentially debilitating chronic pain condition that experts believe is related to dysfunction in the central or peripheral nervous system. It is sometimes referred to as reflex sympathetic dystrophy, or RSD.
CRPS/RSD typically affects people who have suffered a traumatic injury such as may occur in a car crash or industrial accident, as well as those who have undergone surgery. In some ...
The importance of estate planning
2013-02-09
The importance of estate planning
Article provided by Cohen Fineman, LLC
Visit us at http://www.cohenfineman.com/
When most individuals hear about the need for an estate plan, they believe it only applies to the elderly and the ill. Estate planning, however, is important for everyone; even single, young, healthy adults. Estate planning helps an individual plan for the future and gives the court guidance as to what to do if that individual, for an unexpected reason, can no longer make decisions on his or her own.
Common misconceptions
A common misconception ...
Avoiding probate in Florida through proper estate planning
2013-02-09
Avoiding probate in Florida through proper estate planning
Article provided by Shams Law Firm, P.A.
Visit us at http://www.shamslawfirm.com
No one ever wants to think about death, but it is important for individuals to plan for how their assets will be distributed at the time of their deaths. Without a proper estate plan, the issue of who will get a decedent's assets can be hotly contested. Even if the decedent left a will, his or her assets will usually need to go through probate before anyone can take ownership of them. Probate is the procedure through which the ...
Truck accident fatalities on the rise in US
2013-02-09
Truck accident fatalities on the rise in US
Article provided by Ripplinger & Zimmer, L.L.C.
Visit us at http://www.georgeripplinger.com
When a motor vehicle accident involves a large truck, it is likely that the crash will cause severe personal injuries or even fatalities. Due to the size of the vehicles involved, large truck accidents tend to be some of the most dangerous. Unfortunately, statistics recently released by the National Highway Traffic Safety Administration show the frequency of fatalities caused by these types of collisions is on the rise.
According ...
NJ Advertising Agency Introduces Website for Engineering Firm
2013-02-09
CRK Advertising, Inc. unveiled the new website design for Ferriero Engineering based on existing marketing and branded materials, previously developed by CRK. The website now includes Ferriero's engineering staff with professional biographies and detailed downloadable project information in the portfolio.
"It is vital to have a website that outlines the work of your company, while being consistent with your branding and in a creative and user-friendly design" says CRK Advertising President, Carene Kratzel. "It can make all the difference when it comes ...
LAST 30 PRESS RELEASES:
Program takes aim at drinking, unsafe sex, and sexual assault on college campuses
Inability to pay for healthcare reaches record high in U.S.
Science ‘storytelling’ urgently needed amid climate and biodiversity crisis
KAIST Develops Retinal Therapy to Restore Lost Vision
Adipocyte-hepatocyte signaling mechanism uncovered in endoplasmic reticulum stress response
Mammals were adapting from life in the trees to living on the ground before dinosaur-killing asteroid
Low LDL cholesterol levels linked to reduced risk of dementia
Thickening of the eye’s retina associated with greater risk and severity of postoperative delirium in older patients
Almost one in ten people surveyed report having been harmed by the NHS in the last three years
Enhancing light control with complex frequency excitations
New research finds novel drug target for acute myeloid leukemia, bringing hope for cancer patients
New insight into factors associated with a common disease among dogs and humans
Illuminating single atoms for sustainable propylene production
New study finds Rocky Mountain snow contamination
Study examines lactation in critically ill patients
UVA Engineering Dean Jennifer West earns AIMBE’s 2025 Pierre Galletti Award
Doubling down on metasurfaces
New Cedars-Sinai study shows how specialized diet can improve gut disorders
Making moves and hitting the breaks: Owl journeys surprise researchers in western Montana
PKU Scientists simulate the origin and evolution of the North Atlantic Oscillation
ICRAFT breakthrough: Unlocking A20’s dual role in cancer immunotherapy
How VR technology is changing the game for Alzheimer’s disease
A borrowed bacterial gene allowed some marine diatoms to live on a seaweed diet
Balance between two competing nerve proteins deters symptoms of autism in mice
Use of antifungals in agriculture may increase resistance in an infectious yeast
Awareness grows of cancer risk from alcohol consumption, survey finds
The experts that can outsmart optical illusions
Pregnancy may reduce long COVID risk
Scientists uncover novel immune mechanism in wheat tandem kinase
Three University of Virginia Engineering faculty elected as AAAS Fellows
[Press-News.org] Retirement assets and qualified domestic relations order in divorceA QDRO is an order or decree that divides specific retirement assets during a divorce.