Employer Provided Retirement, QDRO and Divorce

Do I Need a Qualified Domestic Relations Order as Part of My Divorce Proceeding?

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If you are one of the approximately 46 million private wage and salary workers in the U.S. covered under an employer-provided retirement plan, you may need a Qualified Domestic Relations Order to ensure your divorce includes a fair and equitable division of property.

A Qualified Domestic Relations Order (QDRO) is a judgment, decree, order or court-approved property settlement agreement that recognizes the legal interest one spouse has in the other spouse’s benefits under an employer-provided retirement plan.

While the division of marital property is governed by state law, QDROs must also comply with federal law due to the tax consequences for the parties involved. This means that in order for a QDRO to be valid in Minneapolis and St. Paul it must be drafted in accordance with Minnesota law, the federal Employment Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986.

An experienced family law attorney can help you divide your employer-provided retirement benefits through the proper use of a QDRO.

From the author: Minneapolis Divorce Attorney Chris Banas

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