Phoenix Qualified Domestic Relations Orders
Arizona is a community property state, which means that divorcing spouses are entitled to an equal share of the marital property. Marital property includes the couple’s home, bank accounts, cars and all other property that was accumulated during the marriage. It could also include various retirement accounts to which the couple has contributed throughout the years.
Take advantage of our experience resolving complex property division issues and receive the personalized service you deserve. We invite you to call our Phoenix family law office at 602-842-0359 or contact our firm online.
What Is a Qualified Domestic Relations Order?
Certain retirement plans cannot be divided during divorce without court intervention. Even couples who plan on negotiating their own agreement or who plan on using a mediator must petition the court for what is called a qualified domestic relations order (QDRO).
You may be wondering why QDROs are necessary. The answer is because assets in certain retirement plans are protected by federal laws. These laws do not allow anyone other than the person named on the account to collect the plan’s funds. A QDRO essentially gives the plan permission to distribute assets to a person’s spouse, which otherwise would be impossible.
Your One-Stop Family Law and Divorce Law Firm
Not all law firms work with QDROs — they are complex and require specific knowledge. Our firm is lucky to have attorney Kevin Vale, a member of our team who has helped countless clients divide marital retirement plans throughout Arizona. His experience in this niche area of divorce law is vital to our practice and allows us to handle every aspect of our clients’ cases. While some firms might need to refer to you to another counsel, you can feel confident that all your needs and goals can be met at The Baker Law Firm, LLC.
What Retirement Plans Require a QDRO?
Most retirement plans require a QDRO before the plan’s assets can be distributed to multiple parties. They include:
- 401(k) plans
- 403(b) plans
- 457 plans
- Stock ownership plans
- Profit-sharing arrangements
- Defined benefit/pension plans
- Certain annuities
It is important to have an attorney who understands the rules governing QDROs on your side during the negotiation, drafting and review processes. QDROs might seem simple, but even minor errors can have drastic consequences on your financial future. Our firm will carefully draft and review your QDRO to ensure your rights are protected and that you receive your fair share of the marital retirement benefits.