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401 k settlement

Shaner23
Shaner23

I have a question for anybody that dealt with quadro,  I got half of my husbands 401k in divorce. I was told I needed a legal document so my lawyers supposed to do it. It has been months and my lawyer and said they sent a letter to the judge. Does that sound right ? I have called the quardro for my exes company. Just need advice...



11Christmases
11Christmases
I did not have one, but I found this past post that might help:

https://www.dailystrength.org/group/divorce-after-twenty-years-together/discussion/qdro
Misred
Misred
It's not just a letter it is a court order that the judge signs off on. I suggest you get it done ASAP. I hope it says in the divorce decree you are getting it. Find out who the administrator is for the 401(k). They may not talk to you since you are now divorced, but depending on if they are a large corporation, they may have online stuff talking about QDRO. If you can talk to someone, ask them to send an example of the exact wording. They will have a preference on how it is worded so make sure you find out before going through all the work getting it done, having the judge sign it then be rejected due to wording. Often times you can have it passed by them first to see if it would be accepted before the judge signs it. Good luck
MrCellophane
MrCellophane
QDRO is the acronym for Qualified Domestic Relations Order.

See, ordinarily, when a person takes an early distribution from a retirement plan, 401(k), or pension that person has to pay a penalty and tax on the distribution. A QDRO creates an exception to that rule. It recognizes joint marital ownership interests in the plan, and permits people that are divorcing to split the proceeds in the plan.

QDROs can be tricky because all the different plans have different forms and requirements, and it frequently takes a maddening amount of time. QDROs are typically prepared by one spouse's attorney, approved by the other spouse's attorney, and then entered as an Order of the court.
jojored
jojored
I was very lucky on this front. My ex was awarded half of my 401k as well, and instead of going the formal route of a QDRO, I instead gave him the approximate amount due in cash, from the sale of a property we held. I didn't want to pay yet another professional to handle another aspect of my divorce. My ex said he didn't care (I know, famous last words). So, in essence, I went outside of the specific terms of the agreement but he did get the value in cash. Maybe he could take me back to court and complain about how he didn't get the 'official' QDRO, but it is documented in paperwork put together by the real estate attorney that he got the cash.

Neither of the divorce lawyers wanted to touch the QDRO. You need someone experienced in this field. I think you both need a QDRO attorney so that each side is protected. This expense adds up.
Misred
Misred
If I remember correctly, the starting price of a QDRO was $500. The more complicated, the higher the price. I agree with Jojored, you may want to look into trading for something of equal value.