QDROs and Retirement Plans in New Hampshire
A Qualified Domestic Relations Order is part of a divorce settlement and pertains to the fate of retirement funds. The divorce process in general can be stressful and a highly emotional time. The magnitude of decisions that need to be made can be overwhelming. Marital property and any kind of settlement can be complex to figure out. This includes retirement funds. Laws & Demers, PLLC, can be your source for support and information regarding a QDRO and retirement funds during a divorce.
In New Hampshire, an ex-spouse has the right to receive a portion of retirement funds amassed during the marriage. A QDRO is a legal document declaring a desire to receive those funds. Without drafting and presenting a QDRO, the ex-spouse or soon to be ex-spouse may be essentially giving up retirement funds in which they are legally entitled.
Once a QDRO establishes the right to receive funds, the ex-spouse may need to decide if they want to receive funds in a monthly payment or a lump sum. This depends on the type of retirement account also. The ex-spouse can either pursue a set dollar amount or a percentage of the retirement account. That party can withdraw a share of the funds or he or she can have the funds rolled into his or her own retirement account. The person who then receives benefits should also realize he or she is agreeing to accept any liabilities or penalties. This can include any taxes that need paid when the money is paid out.
Retirement plans can be complex under ordinary circumstances. A divorce can greatly increase the complexities. When dealing with a QDRO, the legal process is very exact and requires the skillset of a knowledgeable and experienced divorce attorney. Couples may plan for retirement for years. When a divorce occurs, those plans are altered in every way. Both parties should be fully aware of the law pertaining to retirement plans, QDROs, and what each party may be entitled to receive. Laws & Demers, PLLC, knows how important retirement funds are to all involved. Let us hear the details of your case, analyze the retirement funds that are in question, and see if we can help you with the QDRO filing process. With our help, you will get the benefits you are legally entitled to receive and can then move forward to begin planning your post-divorce retirement. For more information please contact us at 603-880-2000.