What is a qualified domestic relations order (QDRO)?

A Qualified Domestic Relations Order (QDRO) is a court order that splits a portion of an employee’s pension or retirement account to their former spouse during a divorce in the state of Hawaii. This court ordered financial document is legally binding and is used to divide a portion of retirement assets between the employee and their former spouse. The QDRO document explains how the funds from the retirement account will be divided among the two parties and identifies the former spouse as a qualified alternate payee. Essentially, the QDRO instructs the plan administrator (the person who oversees the retirement account) to pay some or all of the retirement funds to the alternate payee (the former spouse). In most cases, QDROs are issued in the state of Hawaii prior to the final divorce hearing and settlement. In Hawaii, the court must approve the QDRO before it can be enforced. Once the court approves the QDRO, the plan administrator can begin to process the retirement funds and distribute them according to the order. QDROs can be used to divide retirement accounts, pensions, and 401(k)s. They are an effective way to ensure that each party gets their fair share of retirement funds when divorcing in the state of Hawaii.

Related FAQs

Who is responsible for paying debts in a divorce?
How is legal custody determined?
How long does a divorce take?
What factors will a court consider when granting a divorce?
How do I change my name after a divorce?
What is the difference between a legal separation and a divorce?
What is a collaborative divorce?
What is a qualified domestic relations order (QDRO)?
What is a child custody evaluation?
What documents and information do I need to get a divorce?

What is a qualified domestic relations order (QDRO)?

Related FAQs

Related Blog Posts