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Illinois divorce attorney

Divorce is not an uncommon occurrence in the United States — hundreds of thousands of couples are divorced each year. In the past couple of decades, the number of older Americans getting divorced skyrocketed. These gray divorces, or divorces involving couples who are over the age of 50, saw the divorce rate doubled between 1990 and 2015. For those over the age of 65, the divorce rate tripled in the same time span. Despite the many reasons why a couple over the age of 50 would want to divorce, these types of divorces are often complicated and deal with issues that many other divorces do not have to deal with.

Spousal Support in a Gray Divorce

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Illinois divorce attorney, Illinois family lawyer, Illinois collaborative divorce lawyerSome people may not realize that money they put into a retirement account, like a 401(k) or IRA, during their marriage is not theirs alone. When the marriage ends in divorce, those retirement funds will likely need to be split just like every other asset and debt the couple has acquired while they were married. In order to avoid paying large fees on a retirement plan withdrawal, the couple will likely need a QDRO (qualified domestic relations order). An attorney can help walk the parties through the process, as it can get a little bit complicated.

What Is a QDRO?

A QDRO is an official decree, which must be approved by a judge, that orders one party to transfer funds from his or her retirement plan to the other divorcing party. Information that must be included in the QDRO includes the plan participant’s name and either a specific amount or percentage of the benefits that are to be paid to the other party.

The party who is receiving the funds must then receive the money as if he or she was the owner of the plan. Then the payee may use the money as needed, which will result in taxes charged to the receiver of the money, or he or she may roll it over into another plan, which makes the transaction tax-free.

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