Are you going through a divorce? Read these 3 frequently asked QDRO questions for guidance, then contact our Buffalo lawyers to get started.
1) What is a Qualified Domestic Relations Order?
- A qualified domestic relations order may be required as a couple divides their retirement assets.
- After a divorce is complete, your agreement or decision will probably require a domestic relations order to claim your part of your spouse’s retirement.
- Your attorney can help you with this process, and should complete and file it as soon as possible.
2) How Do I Prepare For a QDRO?
You should obtain your qualified domestic relations order as soon as possible after your divorce is finalized. Talk to your attorney about having that order prepared. It’s quite possible that your attorney may not prepare qualified domestic relations orders. It may be outside of their practice area, and they may advise you to obtain counsel to do that. We can do that at Cole, Sorrentino. Myself and attorney Michael Barrett handle dozens and dozens of these orders on a yearly basis and have many years experience handling them. It’s important to do QDRO preparation as soon as possible. The longer you wait, the more risk there is that the retirement plan has changed record holder, that the retirement plan has been frozen, that something may have happened to your former spouse, or most importantly, that your former spouse may have started collecting already and you are not receiving your portion because you didn’t make sure that that order was filed.
3) How Should We Go About Dividing Retirement Benefits?
You may have a long-term marriage, you might have worked many years, you might be in a union or a New York state employee and be concerned about losing those benefits. Those benefits are something that can be divided in a divorce. Regardless of who the employee is, those benefits will be divided between the spouses. For example, if you have a 401(k) plan that is something that will be valued by the court or by your attorney, and there will be either an agreement or a decision from a judge that divides that asset in some form.
It’s nothing for you to get overly concerned about because this is the law in New York state; it’s not something you will have a lot of control over. What you want to do is have an attorney that will guide you through that process and make sure that if your retirement is the one that’s being divided, that your spouse is only getting exactly what they’re entitled to and no more.
If you’re going through a divorce, you need experienced legal counsel. Even if you’re in full agreement with your spouse as to the terms of the divorce and want to utilize mediation or collaborative law, you should still at least consult with an experienced attorney to discuss all your legal options and answer any questions you’re bound to have.
We offer flexible meeting schedules, return after-hours communications promptly, and can access Spanish language interpretation if necessary. You can trust our law firm’s reputation for attentive personal service.
Contact Cole, Sorrentino, Hurley, Hewner & Gambino, P.C., online or call us to arrange your initial consultation with one of our Buffalo divorce lawyers. We welcome the opportunity to serve you.
If you have questions about these 3 frequently asked QDRO questions, contact our experienced divorce lawyers in Buffalo NY. Let our experienced work for you!