QDRO For Divorce
Learn About A Qualified Domestic Relations Order For Distribution Of Non-Liquid Financial Assets
Dividing And Distributing Retirement Accounts
Working through a divorce often includes discussing how to divide and distribute retirement accounts, pensions, IRA’s, 401k’s and other non-liquid financial assets. To address the matter in a divorce, your lawyers need to draft a Qualified Domestic Relations Order, or QDRO for short.
What Is A QDRO?
A QDRO is a legal order that provides for changes, including split ownership of the funds in an account. This process is most often done after the divorce is final. In Georgia, any funds in certain types of “retirement accounts” that were accumulated during the marriage are subject to equitable distribution. Depending on the circumstances, a judge may get a bit creative on what is equitable distribution.
QDRO action tax liabilities are something your lawyer can discuss with you. There are ways to manage the transfer of funds so that you can avoid a huge tax burden or penalties.