What is a qualified domestic relations order (QDRO)?

A Qualified Domestic Relations Order (QDRO) is a court order that is created in connection with a divorce, legal separation, or other court-ordered settlement in New York. This order is used to divide certain types of retirement benefits between the parties, such as a retirement plan or individual retirement account (IRA). The QDRO is prepared by the party’s attorney and then submitted to the court for approval. A QDRO must meet certain requirements in order to be valid. The order must clearly identify the parties, the type of retirement benefit, the amount or percentage of the benefit that is to be paid to each party, and the names and account numbers of the funds in which the division should be made. The QDRO must also specify how payments should be made out, such as to the payee or to a third party who will manage the funds for the payee. Once approved by the court, the QDRO is sent to the retirement plan administrator, who will then divide the benefits according to the terms of the order. It is important that the order be prepared and filed correctly in order for the administrator to process it properly. If the order is incorrect or incomplete, it could result in further delays or an improper division of the benefits.

Related FAQs

Can a divorce be overturned?
What is a collaborative divorce?
Do I need a lawyer to file for a divorce?
How is a prenuptial agreement enforced?
What are the tax implications of a divorce?
What is a postnuptial agreement?
When can I get a divorce?
Are there any defenses to a divorce action?
What is a parenting coordinator in a divorce?
What is antenuptial/prenuptial agreement?

What is a qualified domestic relations order (QDRO)?

Related FAQs

Related Blog Posts