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Divorced? Is your Retirement Plan Beneficiary Really Who You Think it Is?

This is not a typical topic for a blog post during a holiday week, but nonetheless it is an issue of which we should all be aware.

Going through a divorce can be analogous to the loss of a loved one. The emotional side-effects can be very difficult and the division of assets can be daunting. The negotiation of a QDRO (qualified domestic relation order, the document which directs the Plan trustee to divide the retirement account) is often yet another skirmish in the battle that is a divorce. Once the dust has settled and the divorce order and QDRO have been finalized, many people forget to take the final step: removing his or her former spouse as beneficiary of the retirement account. Continue reading “Divorced? Is your Retirement Plan Beneficiary Really Who You Think it Is?”

The ABCs of QDROs

When a couple is going through a divorce, one important consideration is the division of assets, which frequently includes retirement assets such as 401(k)s, pensions, and other plans.  To effectuate the division of these plans, typically a specific document called a Qualified Domestic Relations Order (QDRO) is required.  The individual requirements of a QDRO are often complicated and very plan-specific.  It is typically advised that QDROs be drafted by a knowledgeable attorney who has training and experience in this area.

Continue reading “The ABCs of QDROs”