Orlando Qualified Domestic Relations Order Attorney
In a divorce, all marital assets must be split equitably under Florida law. This means that everything acquired during the marriage is subject to a fair division, which may be 50/50, 60/40, or some other split, based on each party’s contributions to the marriage.
Some assets are easier to split than others. For example, splitting up cash may be fairly simple. Retirement accounts? That’s a whole different story. In fact, a legal document called a qualified domestic relations order (QDRO) may be necessary since the funds are technically owned by the plan administrator. This can be a complex process.
Splitting a 401(k), IRA, pension, or other retirement fund? Contact Orlando qualified domestic relations orders attorney Steve W. Marsee, P.A. Attorney at Law to see how he can help.
What is a Qualified Domestic Relations Order?
A qualified domestic relations order is often used in divorces where there are retirement plans owned by one or both parties, such as 401(k)s, IRAs, and pensions. In a divorce, the plan administrator—which is the company in charge of the plan—cannot automatically split the funds.
That is where a qualified domestic relations order comes in. This document outlines the amount or percentage of the money to assign to the ex-spouse. Although federal law does not require a qualified domestic relations order in a divorce, it is good to have. It is ultimately up to the spouses to determine if they want one.
Keep in mind that only marital funds would be eligible for split in a divorce. This means that any contributions made before the marriage would be considered non-marital property and would belong solely to the plan owner.
What is Included?
In order for it to be valid, a qualified domestic relations order should include the following:
- Name and mailing address of the participant and ex-spouse
- Name of each retirement plan covered under the order
- Dollar amount or percentage of the funds to be paid to the ex-spouse, as well as explanation for how the percentage or dollar amount was determined
- Time frame for the order, including date the order starts and number of payments
- What happens if the participant and/or ex-spouse should die
- What happens if the retirement plan is terminated
It should be noted that a qualified domestic relations order cannot award any benefits that are unavailable in the plan. Also, it is acceptable for the court to include additional provisions based on local laws.
Contact Us Today
Divorces can be complicated when it comes to dividing certain assets. A qualified domestic relations order can help you split your retirement plan in a divorce.
Orlando qualified domestic relations order attorney Steve W. Marsee, P.A. Attorney at Law can help you draft a qualified domestic relations order. The process is not automatic, so let him help you create one if necessary. Get started today by scheduling a consultation. Call 407-521-7171 or fill out the online form.