Huntersville QDRO Lawyer
Separating Retirement Plan Assets in a Divorce
If you are divorcing your spouse but have retirement plan assets that need to be addressed, a Qualified Domestic Relations Order (QDRO) can be used to divide assets. This process can be complex and time-consuming, however, making it beneficial to involve an attorney.
I’ve served the needs of clients across Huntersville and the surrounding areas for over a decade. With my broad divorce and family law experience, I know how the QDRO process works and how to protect my clients’ interests every step of the way. With these matters, planning and a detail-oriented approach can facilitate a fast and positive result. If you work with my family law firm, I will also be sure to understand and address your needs as we proceed.
What Is a QDRO?
The Employee Retirement Income Security Act of 1974 (ERISA) sets forth specific standards regarding private-sector retirement and health plans, and if you wish to assign rights in a retirement account to another person, you may need to do this through a QDRO. Simply withdrawing from a 401(k), pension, or another retirement account could trigger significant tax penalties. A QDRO offers a way to avoid this.
The QDRO Process in North Carolina
In North Carolina, the QDRO process begins after a property settlement or order is reached in a divorce. As your attorney, at this point, I would gather all appropriate information and draft a QDRO. As mandated by ERISA, a QDRO must include such information as the name of the plan, the name and mailing address of the participant and spouse, the amount to be paid, and how it will be paid. A judge must review and sign the QDRO before we can send it to the plan administrator for approval and execution.
Avoid Delays & Errors with a Skilled Family Lawyer to Draft Your QDRO
Missing information, incorrect information, or any similar misstep could delay or jeopardize your QDRO. By involving a Huntersville Family Law Attorney who has experience with these matters, you can save yourself and your spouse a considerable amount of headache.
For experienced QDRO help in the Huntersville area, call (980) 223-3340!
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