In a divorce settlement agreement a Qualified Domestic Relations Order (QDRO) is a judgement decree or order that allows an alternate payee to receive all or a portion of the benefits payable to a participant in a retirement plan. In other words, if your soon-to-be-ex-spouse has contributed to a 401k or pension during the marriage, those retirement funds will likely be included in the division of marital property.
Aside from the issue of marital property division, sometimes questions regarding funds in a retirement account surface when a parent fails to make court ordered child support or spousal maintenance payments. Is there a way to tap into an ex’s retirement accounts if they are not holding up their end of the bargain? In some cases, there is.
Qualified Domestic Relations Order (QDRO)
Not only can a QDRO divide retirement plans as marital property in a divorce settlement, a separate QDRO targeting the remaining retirement funds can sometimes be used in situations involving child support, alimony and related arrears.
Wage Garnishment for Back Child Support
If your spouse is not paying court ordered alimony or child support and is eluding efforts to collect it through wage garnishment or other means, tapping their retirement funds may be an option. Conversely, if you are the payee of child support or spousal maintenance and are getting behind, you may also want to consider a using a portion of your retirement funds to catch up.
Schlesinger, Strauss & Hoyt LLC, is focused solely on representing and protecting the rights of children, parents, grandparents, and spouses. If you have questions regarding child support or the payment of spousal support (alimony), contact the Illinois Family Law attorneys of Schlesinger & Strauss LLC for help today.