QDRO in a Retirement and Divorce Case
How do i get my half of my husband's (wife's) 401k in a South Carolina divorce? In a divorce or separation, one party often receives the marital portion of the other's retirement and pension accounts. However, this is not automatic and requires a separate order from the court, called a Qualified Domestic Relations Order, commonly referred to as a QDRO. However, your family law attorney may not prepare this order for you and you may realize, sometimes years later, that you never received your money. You need to be sure that someone is preparing the order. If there is an agreement, it is recommended that the ODRO order be presented to the judge for his signature at the final hearing.
Participant - The person that the plan belongs to is the participant.
Alternate Payee - Usually the former spouse (but could also be a child or other dependent) of the participant that is entitled to receive all or a portion of proceeds under the retirement plan. For purposes of the QDRO provisions, an alternate payee cannot be anyone other than a spouse, former spouse, child, or other dependent of a participant.
The requirement for a Qualified Domestic Relations Order was created by the Retirement Equity Act of 1984 as an amendment to the anti-alienation provisions of the Employee Retirement Income Security Act of 1974 (ERISA), that protected retirement plan assets from creditors.
South Carolina divorce law determines the division of marital property in a divorce. If you are awarded certain sums of money or a percentage of a retirement or pension plan and you want to collect, you will normally need a QDRO or qualified domestic relations order. Your divorce decree is not enough for you to be able to collect your portion of the retirement plan awarded to you in your South Carolina divorce.
If you are awarded a portion of your ex spouse's retirement, you need to be sure that your attorney prepares the Qualified Domestic Relations Order and has it submitted to the court and then to the financial institution. To be effective, the QDRO must be signed by the judge and also approved by the retirement plan administrator.
The preparation of the order dividing the retirement is normally a separate charge from representing you in the divorce. When you retain your attorney, be sure that they include the preparation of the QDRO.
A Qualified Domestic Relations Order cannot be used to divide a military pension. For information on military pensions see
Discussion on Two Methods to Divide a Pension by QDRO
NOTICE !!! ONLY AN ATTORNEY LICENSED IN YOUR STATE CAN PROVIDE YOU WITH LEGAL ADVICE
This may be considered AN ADVERTISEMENT or Advertising Material under the Rules of Professional Conduct governing South Carolina lawyers. Under no circumstance will South Carolina Divorce be held liable for any loss or damage caused by a visitor's reliance on information obtained through this web site or any other communication from us. It is the responsibility of each individual visitor to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content. This site is intended to provide you only with general information. However, there is no guarantee that this information is comprehensive or accurate. South Carolina Divorce does NOT provide legal, financial, or tax advice. Please consult a professional in these areas. Only an attorney licensed in your state can provide you with legal advice. Links and Ads to third party sites are here for the convenience of site visitors only. The content of any third party site which you visit via a link from this site is solely the responsibility of the provider of that web site.
FREE STANDARD WILL, LIVING WILL AND POWER OF ATTORNEY WITH MEMBERSHIP
Get Access to a Team of Attorneys in Your State
Family Plan Covers You, Your Spouse and Minor Children
See Plan Details