Your spouse’s retirement account may be his or her largest asset and as part of the property division associated with your divorce the Court may apportion that account between the two of you. Often, for example, the court will equally divide the “marital share” share of a retirement account (i.e. it will evenly split the amount contributed during the marriage).
Procedurally, how does that happen? In most cases, it happens with a Qualified Domestic Relations Order (QDRO). These orders facilitate the transfer of retirement funds from one retirement account to another without the early withdrawal penalties you might otherwise expect. QDROs or similar orders are used to divide for retirement accounts such as 401(K) plans (a.k.a. defined contribution retirement plans), pension plans (a.k.a. defined benefit retirement plans), military retirement benefits and federal government retirement benefits such as Thrift Savings, FERS and CSRS benefits.
Drafting a QDRO is difficult work for reasons I won’t bore you with. These orders are NOT something a non-lawyer should attempt to draft. In fact, many lawyers in Northern Virginia avoid drafting them at all costs. If you have a question about the division of retirement accounts, what benefits you might be entitled to or how these orders get drafted, feel free to drop me a line.
Jason A. Weis, Esquire – Curran|Moher P.C. – firstname.lastname@example.org – 3554 Chain Bridge Road, Suite 100, Fairfax, VA 22030 – 571-328-5020.
My experience and background reflect the hallmarks of success one must demand of a lawyer in Northern Virginia's legal landscape. As a native of this area, I have here focused my practice on providing sound and balanced representation to clients navigating the difficult legal waters of family law, including contested divorce, custody, visitation, spousal and child support, and equitable distribution. More >>>
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Thank you for taking the time to read this blog. I hope you find the information here as enjoyable to read as I find to write. Please note that reading this blog does not create a legal relationship between you and Jason A. Weis, Esquire or any other attorney associated with familylawva.com. Moreover, all postings on this blog are merely attorneys' commentary on the state of family law in the Commonwealth of Virginia. THE POSTINGS ARE NOT LEGAL ADVICE – if you have a legal issue or question, I strongly encourage you to contact a lawyer. I would be pleased to refer you to someone if I am able.