If you are in the process of ending a marriage, you may need to contact a QDRO attorney in Providence. The division of assets is one of the most important issues that has to be resolved during the divorce process. But often those assets are more complicated than a house, car, or shared bank account. If you want to ensure that your best interests and financial future are well protected, your strongest strategy is to reach out to a QDRO attorney earlier rather than later.
What is QDRO?
A Qualified Domestic Relations Order (QDRO) is a type of legal judgment ruling that one party has to pay a portion of retirement benefits to another party. Basically, this is a way for divorcing spouses to split up pension benefits. Without the help of a QDRO attorney and a judgment for the court, it may not be possible for a spouse who is not the direct recipient of a pension or other retirement benefits to access this income stream after the marriage is over.
Why is QDRO Important?
It is often the case that a pension or other retirement benefit plan is the single largest asset to be split up during a divorce. And since many retired persons rely on this income for a substantial portion of their ongoing income, having those benefits reduced or otherwise cut off creates a lot of financial challenges. A QDRO attorney can help you to explore the full value of these assets, and help you to understand how your financial well-being will change either positively or negatively after a divorce.
How Does QDRO Work?
In order for the courts to grant a QDRO, the party petitioning must be named as either a “separate interest” or a “shared interest” on a pension plan. When that is the case, the court will approve a QDRO separate from the final divorce decision. The order instructs the company paying the pension to direct income to an ex-spouse.
Since a QDRO is a complicated financial mechanism with some contingencies to consider, the process of filing one and getting it approved is largely separate from the larger divorce process. There are independent forms and paperwork to fill out, and the negotiating process over this issue can become complicated and bitter. An experienced QDRO attorney will be able to tell you more about how to pursue the assets you are entitled to.
Do I Need a QDRO Attorney?
You may be assuming that your divorce attorney is perfectly qualified to handle the QDRO process. And while some are, most will not include these services as part of your base fee. As a result, you pay extra to get the kind of help that is most important to you.
The reason most people seek out a QDRO attorney is that this obscure part of the divorce process is one of the most consequential and the most difficult to make sense of. Pensions are complicated enough on their own. When you combine them with the divorce process and a clash of spouses, the situation doesn’t get any easier to understand or navigate.
A QDRO attorney is someone who has been through this process many times before and knows how to effectively fight for the interests of the client. They are an invaluable source of information and advice. And they are a crucial asset if you are counting on a portion of pension benefits to support you after a marriage ends. Follow this advice – if there is a pension involved with your divorce, get in touch with a QDRO attorney.
How to Find a Quality QDRO Attorney
Since so much is riding on your QDRO, you will not want to trust just any attorney to represent you. You need to feel confident that your QDRO attorney has the resources, character, and competency to fight for what you want. As you search for options around Providence, here are some features to look for in any QDRO attorney you ultimately choose to work with:
- Experience – The details are essential in QDRO. Find an attorney who has the experience to focus on what is most important and most effective.
- Commitment – From beginning to end, the QDRO process can be drawn out and at times exhausting. Make sure your QDRO attorney is willing to dedicate the time and work necessary to represent you successfully.
- Creativity – There can be a lot of back and forth negotiation involved with QDRO. You will want to have an attorney in your corner with the creativity to find compromises, solutions, alternatives, and options to keep the process moving forward productively.
If you need to consult with a QDRO attorney at any point in the divorce process and for any reason, contact the Law Office of Jay Bianco. Get a free consultation by calling 401-206-0098.