Q: For divorce case in Virginia, how to split the individual 401k of spouse?
A: Retirement plans governed by ERISA, the Employee Retirement Income Security Act of 1974, are divided by a special court order known as a QDRO, or Qualified Domestic Relations Order. The specific division itself should appear in a separation agreement and/or final decree of divorce. Typically, one of the parties' attorneys prepares the QDRO to be entered by the court, with reference to the guidelines or model order published or provided by the plan administrator of the retirement plan. There are different QDROs depending on whether the plan is a defined contribution plan, such as a 401K plan, or a defined benefit plan, such as a pension. After the judge signs the QDRO, it is submitted to the plan administrator for approval or qualification. If approved, the plan administrator then segregates a portion of the plan participant's interest into the alternate payee/former spouse's assigned benefit account. QDROs are rather technical and are usually prepared by an attorney licensed in the jurisdiction.
Justia Ask A Lawyer is a forum for consumers to get free answers to basic legal questions. Any information sent through Justia Ask A Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between Justia and you, or between any attorney who receives your information or responds to your questions and you, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask A Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises, or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
