Dividing a Pension or Other Retirement Plan in a Minnesota Divorce

Blue Question Mark ManOne or both parties in a Minnesota divorce may have significant retirement assets in the form of a pension or 401(k).  You might think that language in the divorce decree similar to  “The parties will equally share their pension and 401(k) with one another”  is enough.

Dividing retirement assets, however, requires the drafting of a particular order called a Qualified Domestic Relations Order commonly known in the legal industry as a  “QDRO.”

A Minnesota divorce QDRO must have certain and particular language and must be drafted in accordance with the administering entity’s specific language requirements.   The QDRO must be approved by the plan administration before it is submitted to the Judge for signature.

Can you prepare a QDRO by yourself?  Well- you could try, but legal drafting is definitively preferred with a complicated document like a QDRO.    Just as you probably wouldn’t do your own brain surgery, then  you probably shouldn’t try and draft a QDRO to divide retirement assets in a Minnesota divorce.    A QDRO protects both parties from what would be a taxable event if one party simply pulled out funds and paid his or her former spouse the distribution sum.

Kate Willmore

St. Cloud, Minnesota,  Family Lawyer and Mediator

(320) 217-6030 or kaw@katewillmorelaw.com

http://www.katewillmorelaw.com   http://www.katewillmoremediation.com

Copyright 2014

 

About Kate Willmore, Esq.

Kate Willmore, Saint Cloud, Minnesota, divorce, custody and family attorney brings over 25 years experience to every client's legal matter. *** Licensed in Minnesota and in California

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