I am close to finalizing my divorce, but my soon to be ex-husband is transferring most of his 401K over to me and I need

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Customer: Hi! i am close to finalizing my divorce, but my soon to be ex-husband is transferring most of his 401K over to me and I need help filing a QDRO. I hear this is a complicated process and should hire a professional. Is this true and how do i find someone to help me with this? Thanks, Ellen
JA: Were any of the assets acquired before the marriage? Or given through an inheritance?
Customer: He earned them from his employer's company, not through any inheritance. But yes, some of it was probably earned before our marriage.
JA: Where are you located? Divorce laws vary by state.
Customer: Colorado
JA: Anything else you want the Lawyer to know before I connect you?
Customer: We have agreed that he will hold onto 5% of the 401K from where it stood as of June 1, 2019. Thank you

Answered by HermanT611 in 7 mins 1 year ago

HermanT611

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HermanT611

2220 Satisfied customers

10+ years of experience

HermanT611

10+ years of experience

2220 Satisfied customers

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116 Lawyers are online right now.

HermanT611, Expert

good evening I will try and assist you. you are absolutely correct preparing a QDRO is a very complicated process and should be done by an attorney who specializes in preparing them. to fine someone you may be able to get a referral through you through the Colorado Bar Association lawyer referral process. you may want to speak with several to get the best price and their expertise in specifically the type of QDRO you need and their experience with working with your husbands company.

HermanT611, Expert

there are lots of different plans. furthermore it is often a good idea for you to have spoken with a financial planner prior to choosing your options as to distribution as their can be tax consequences.

HermanT611, Expert

In fact it may be wise for you to speak with a financial planner before you finalize your divorce in the event you need to make any adjustments.

HermanT611, Expert

If you have not already done so

Customer

Ok, that is a really great suggestion. Thank you

HermanT611, Expert

you are welcome, did that answer your question? if so would you please let JA know you have accepted my answer. thank you and have a great evening. you may accept my answer at the upper portion of your screen

Customer

I will ask my financial planner and then find someone in my area to prepare the Qdro. Does it need to be done before the finalization of the divorce decree. Or can it be in the process and finished up afterwards?

HermanT611, Expert

I recommend that it be done prior to as the judge will need to sign it. it is always a good idea to get everything before the court for signature at one time in the event there need to be changes done at the request of the court.

Customer

Got it. So it's wrapped up in this court case? It's not signed off on by itself??

Customer

But a judge could finalize a divorce decree without signing off on the QDRO? And then would it just require a visit to the court to have a judge sign off on it as well??

HermanT611, Expert

yes you could do that provided the divorce provides for the distribution that is to be made in the QDRO, then it is simply preparing the actual QDRO that is referenced in the divorce. that is why having specific language from your financial planner and the attorney who is doing the QDRO is a good idea.

Customer

Ok. So right now the QDRO is mentioned in the separation agreement and specifically says what percentage I am to receive, but also says the agreement is not upheld unless a QDRO is filed. The dissolution will be finalized in about a month (we're just waiting to hear from the court on the date, but given circumstances and how they're backed up due to covid, it's just an estimate). I have read a QDRO could take 2-6 mo. I want to get it started, but sounds like it will not be done before the court case. Should I postpone the court date for the final decree so the QDRO can be signed off on at the same time?

HermanT611, Expert

I would not make any decision until you speak with the attorney who will prepare the QDRO and your financial planner so that you have the proper language in your order and decree and do not need to seek a modification. in my practice I have run into a number of instances where a modification was necessary because the original divorce decree did not properly authorize the distribution. if you drafted the agreement I would be wary of you not knowing exactly what language you needed.

Customer

Ok this is very helpful. Thank you. We were working with a mediator but pretty much drafted this without attorneys, so I will try and get the QDRO rolling as quickly as possible

HermanT611, Expert

you are welcome

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