Category Archives: QDROs
What is ERISA anyway?
Frequently, divorcing couples will hear that their retirement plans are “ERISA plans” or “backed by ERISA”? What is ERISA anyway? The simple answer is that ERISA (“Employee Retirement Income Security Act”) is a 1974 Federal law. But that doesn’t really answer the question. What does ERISA do? The easiest way to explain ERISA is… Read More »
Can my QDRO get denied?
You’ve retained a lawyer to draft a QDRO; you’ve signed; your former spouse has signed; the Court has signed; a certified copy has been served on the Plan and you’re eagerly waiting for confirmation that the money you’re owed has been transferred to your name. And then you get that dreaded letter: DENIED. Denied?!… Read More »
QDROs: 401k? 403b? 457b? What’s the Difference?
It’s time to get a QDRO drafted. But, there are many different types of retirement accounts: 401k, Roth 401k, 401a, 403b, 457b, IRAs and more. All these numbers and letters can begin to blur. What’s the difference between them? Let’s begin with how they are similar. First, they are all forms of deferred income,… Read More »
How long does it take for a QDRO to be completed?
Divorcing couples are often faced with having a QDRO drafted. One of the first questions they ask is “How long will this take?” For many, it seems that a QDRO should be similar to a transaction at a bank, like moving money from one account to another account. It would seem that it would… Read More »
QDROs: Shared vs. Separate?
One question you may hear when preparing to divide a retirement plan is “shared or separate interest?” What does that mean? It’s an important decision and one worth understanding. To begin with, here’s an example: Suppose Ms. Smith is a long-time employee of the Jones Company and is a fully vested participant in the… Read More »
What does “half” mean when it comes to QDROs?
There’s a famous intelligence test that is sometimes used in job interviews. You hand the candidate a piece of paper and ask them to divide it in half. Some candidates will grab the paper and rip into two parts. Other candidates will fold the paper carefully and attempt to get close to a clean… Read More »
How Much Money Does it Take to Care for Kevin Costner’s Children?
As many people who already read celebrity news may already know, Kevin Costner and his wife, Christine Baumgartner, are going through a nasty and very public divorce. At the heart of their dispute is the custody of their three minor children, who are 12, 14, and 15 years old. Ms. Baumgartner accused her husband… Read More »
When should I get my QDRO prepared?
When should I get my QDRO prepared? “Do I need to get my QDRO done immediately after my divorce?” This is a question we hear all the time. Sometimes we hear “Can I wait?” After a divorce, you’re probably not excited about putting in the time, money, and effort it takes to prepare a… Read More »
