If you are in the midst of a divorce, you need to take extra care to ensure that your finances are protected. Divorce is a complicated and contentious process. And unless you are proactive, it could put your long-term future in jeopardy in ways you never expected. Ask yourself, do you need a QDRO?
A Qualified Domestic Relations Order (QDRO) is a court order that instructs a pension plan to begin paying benefits to someone besides the person initially named on the plan. Without a QDRO in place, it is impossible for someone else to receive these benefits legally. Answering do you need a QDRO depends largely on whether a spouse receives pension benefits.
Why Get a QDRO?
The biggest reason that many divorcing spouses choose to get a QDRO is that it clears up a lot of confusion and contentiousness later on. If a spouse is entitled to a portion of retirement benefits as part of a marital settlement, they must have a QDRO in place to receive the money. This becomes especially important if the spouse originally named on the plan dies. The whole point of this legal arrangement is to ensure that money promised to a divorced spouse does not get caught up in red tape.
How do I Get a QDRO?
Your best strategy is to contact a lawyer. An expert can evaluate do you need a QDRO. Then they can guide you through the process of drafting and filing the document. They can also provide you with counsel and advice throughout. That is a major asset because many people ask do you need a QDRO but then never get all the answers. Working with someone who knows the law and understands the consequences if this part of a divorce is not handled correctly is a huge asset to you.
So, do you need a QDRO? If so, you will want to get the process started as soon as possible. This court order protects you from the unexpected, and that can strike at any time. Contact The Law Offices of Howe & Garside by calling 401-841-5700.