There are a couple of costs to consider. There is a cost to having someone draft the QDRO, which generally ranges from $450-$1000. Additionally, each plan charges an administrative fee on their side as well. That fee generally...
QDRO: I need a what??
what does QDRO stand for anyway?
QDRO stands for Qualified Domestic Relations Order. If part of your divorce settlement includes a division of retirement assets held with a current or former employer, you may need a QDRO (Qualified Domestic Relations Order) or similar document, depending on the retirement plan. A QDRO is a document that gets filed with the plan administrator that tells the plan how the account will be divided.
A Costly Mistake
One of the mistakes that I see people make when dividing assets, is simply dividing each account down the middle. Seems like it would be fair, right? While it might be fair, it may also cause you to incur more costs than you would, if you were a little more creative about your settlement.
Valuing a Pension for Divorce is a Wise Investment
Are you losing thousands of dollars because of your financial fears during your dissolution or divorce?
The cost of the divorce itself is one of the biggest fears I hear from clients. There is no question. It will generally take longer and cost more than you expected. However, that does not mean it's a good idea to cut corners.
Valuing a pension for divorce: Don't cut corners
One frequent corner cut is a pension valuation. Pension valuations do not take a lot of time. However, they do require you to work with someone other than your attorney. Thus, even when recommended by their attorneys, many clients choose not to have them done.
It is not even necessary to meet with your valuation expert in person. All required information can be provided via phone/email. In some cases, the attorney can even provide all of the relevant information. I recognize that it can feel stressful and overwhelming to work with yet another professional and have yet another bill to pay. However, it could...
Leah Hadley
Founder
I've been where you are today. Whether you are going through your own divorce or sharing information with a loved one, I've been there. I divorced after ten years of marriage and at the time, I had three young children (ages 3, 6, and 7). I also experienced the divorce of my own parents when I was 8 years old. Now remarried and dealing with the everyday challenges of co-parenting, I am passionate about making the divorce process as painless as possible for the whole family.
