The Miller Law Firm, P.A. can help spouses identify potential concerns and pitfalls that commonly arise in both these types of agreements. While the property issues may be uncomfortable for many to discuss, particularly those planning on a successful marriage, they can be important discussions to have to help ensure a party’s economic security now and in the future. Call the Miller Law Firm, P.A. today at (864) 527-0413.
A “qualified domestic relations order” (QDRO) is a domestic relations order that creates or recognizes the existence of an alternate payee’s right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a retirement plan, and that includes certain information and meets certain other requirements.
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While not all retirement plans require a QDRO, typically pensions and 401Ks do require QDROs. Parties would be advised to have an attorney draft a QDRO since they encompass complicated areas of retirement law. Whether a client needs to have a QDRO drafted or have one reviewed, the Miller Law Firm, P.A. is available to help.
When entering into a property settlement it is very important to consider whether a QDRO may be needed. Factors to consider regarding QDRO’s include:
QDRO’s must be approved not only by the Court but the Plan Administrator before they will go into effect. Parties planning on taking a distribution from the funds obtained in a QDRO are strongly encouraged to seek accounting advice in order to avoid any potential tax consequences. Call the Miller Law Firm, P.A. today at (864) 527-0413.
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