Park Ridge QDRO/QILDRO Lawyers
Elmhurst Family Law Attorneys Certified to Draft Qualified Domestic Relations Orders
The attorneys at Weiss-Kunz & Oliver, LLC are certified to draft QDROs and QILDROS. Please contact us today for pricing. Our rates are competitive. You do not have to be a current or ongoing client to contact us for this service. We can contract with you individually to provide this service to you/your lawyer. Further, we can provide this service for anyone in the State of Illinois. It is not County specific!
What is a QDRO? To explain what a QDRO is, we first need to explain the history of retirement assets. When a person has saved money in a retirement account (401(k), Traditional IRA, Roth IRA, 403(b), TRS, etc.), these funds are usually only accessible to the account holder. For example, employee pension benefits will usually only be paid to the person who worked in a pension-eligible position after that person's retirement. However, there are some situations where funds in a retirement account may be transferred to someone else, or some of a person's pension benefits may be paid to another person. These situations generally occur following a couple's divorce, and decisions about how retirement savings and pensions will be allocated may be addressed during the division of marital property incident to the divorce. In many cases, these transfers or allocations will be completed using a court order known as a Qualified Domestic Relations Order (QDRO).
To ensure that retirement accounts and pensions will be divided correctly, the parties in a divorce will want to work with an attorney who has experience creating court orders and ensuring that they are executed properly. At Weiss-Kunz & Oliver, LLC, certain members of our team are certified to draft both QDROs and Qualified Illinois Domestic Relations Orders (QILDROs). We can ensure that these orders will correctly address the division of retirement accounts and pension benefits, and we can also help identify and resolve any concerns that may affect a couple's ability to divide their marital assets fairly and equitably.
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Mediation & Collaborative Law ExperienceOur attorneys are committed to helping clients explore alternate dispute resolution options, as we believe it empowers individuals to maintain control over the outcome of their case. This collaborative approach not only reduces conflict but often leads to more satisfying and lasting resolutions, ensuring our clients are happier with both the process and the result.
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Boutique Feel, High-Level ExperienceWe provide a tailored, deeply personal approach to family law, combining years of high-level experience with a commitment to understanding your specific needs. Our goal is to guide you through every stage of divorce with empathy, ensuring your family’s future is protected and your peace of mind restored.
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Personalized Service, Exceptional ValueWe pride ourselves on offering the same high level of expertise and experience as other boutique family law firms in downtown Chicago, Park Ridge, and Elmhurst. Our commitment to providing clients with more reasonable fees and direct access to the founding members of our firm, ensuring personalized attention and a deep, hands-on approach to each case.
Using QDROs to Divide Retirement Accounts
An employer-sponsored retirement account such as a 401(k) will be in the name of the employee, and that person will be able to begin receiving distributions from the account once they retire. When a couple decides to divorce, they may agree to divide the funds in a retirement account. However, withdrawals that occur before the account holder reaches the applicable retirement age (which is usually 59 ½) will usually result in a penalty of 10 percent of the amount that is withdrawn. The recipient may also be required to pay income taxes on the withdrawn amount.
If a QDRO is used to effectuate a transfer from a retirement account, early withdrawal penalties will not apply. If the funds are transferred into another retirement account owned by the other party, that person will not be required to pay income taxes at the time of the rollover incident to the QDRO, until they receive distributions from their account after their retirement.
Once approved, the QDRO will be sent to the administrator of the retirement plan. It will state the amount that will be withdrawn from the account, either as a specific dollar figure or as a percentage of the account's total funds. It will also specify that the funds being withdrawn will be paid to a person other than the account holder (i.e., the ex-spouse). QDROs must be drafted correctly to ensure that both the account holder and the other party will be able to avoid complications or any other issues that may affect the transfer of funds. An improperly drafted QDRO will be rejected by the plan administrator.
Real Stories from Real People
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"I needed an attorney who would fight for me and also keep me focused, and Maxine had my back."Maxine was very professional and worked efficiently to complete our case. Highly recommend!- Gloria B.
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"As a client of WKO, I highly recommend Amanda Oliver."She has extensive experience to address family law issues efficiently and effectively. She is direct, informative, knowledgeable, resourceful and well-respected in the legal community. I love how she anticipates and mitigates potential issues, strategizes next steps, and keeps me informed along the way. If you have to go thru the divorce process, you want Amanda in your corner. HIGHLY recommend!- Angela L.
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"Divorce isn’t always easy but Maxine and her team at WKO make it so."Maxine and her team have exceeded my expectations. Focused on the family and doing the right thing for everyone involved. Most importantly, my children. I’m deeply grateful for her efforts.- Stephen G.
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"I am so glad I chose Amanda & her team."I highly recommend Amanda Oliver & her team at Weiss-Kunz & Oliver. Everyone I dealt with was professional, empathetic & compassionate. They make their clients their priority. Their fee structure was fair & very transparent.- Amy S.
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"Maxine is very competent in her work, friendly, professional, responsive and down to earth."Maxine Weiss Kunz was great to work with. She clarified complex legal jargon into laymen terms and helped soothe the anxiety I often feel when the law is involved and it is a serious matter. Grateful to her and her team. Thank you Maxine!- Nina K.
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"Thank you, Amanda for being a powerful advocate when I needed one most."You handled my case with empathy, patience, and delivered with passion. You exceeded my expectations, and your work was brilliant! Weiss-Klunz & Oliver are not only knowledgeable of the law, the entire team is responsive, supportive, and really care about their clients. Thank you for taking my situation and turning it into a positive outcome.- Rosa
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"I needed an attorney who would fight for me and also keep me focused, and Maxine had my back."
Maxine was very professional and worked efficiently to complete our case. Highly recommend!
- Gloria B.
