What Is A QDRO, And Why Do You Need One?
The division of assets during a divorce can be complicated, especially if you and your spouse have tax exempt assets such as retirement accounts. Your retirement accounts may be among the largest assets in dispute, and their fair division may mean the difference between a secure future and years of struggle. Attorney Hart is committed to helping you avoid that struggle.
If your spouse has a 401(k) or other tax-exempt plans, you need a court order to claim any portion to which you are entitled without incurring tax penalties or a tax liability. A qualified domestic relations order protects you from the penalties of early withdrawal or any tax liability at the time of the transfer of funds to you from tax exempt retirement plans. You will need a QDRO if your divorce decree grants you a portion of your spouse’s retirement accounts or plans.
A Precise Process
As with many legal documents, the success of a QDRO depends on its accurate and timely completion. This is just one aspect of asset division with which Terry L. Hart has assisted many Texas clients.
With a background in business and financial law, attorney Hart has an understanding of the QDRO process. Obtaining this important order begins with drafting a QDRO according to the requirements set by the retirement plan and ERISA.
Once a QRDO is signed by the court, it is sent to the plan administrator for approval as a QDRO. If a plan administrator rejects your QDRO, you may face delays and additional court costs before being able to assess the funds in the retirement plan. Mr. Hart endeavors to complete your QDRO right the first time to avoid further complications. If the QDRO is rejected, he follows up with the court to address issues raised by the plan administrator so that an amended QDRO is issued that can be approved by the Plan Administrator.
Let Us Help You Meet Your Goals
Lawyer Terry L. Hart has assisted many individuals in Houston with the QDRO process, and he is eager to help you. You can reach our law offices through our online contact form or by calling 713-581-1773 or 877-576-7390.