Let Us Help You Assign Your Retirement Monies And More
When it comes to divorce or separation, one of the most complicated aspects for many people is the division of assets, specifically the division of retirement assets through Domestic Relations Orders (DROs). Although this legal area seems complicated if you have never been through it before, an experienced lawyer can simplify the process, make sure you understand your rights and options, and protect your financial interests.
At the Law Offices of Anne Schmidt, LLC, we represent clients in Highland Park and throughout Illinois in all types of divorce and financial matters. Attorney Anne Prenner Schmidt brings a unique combination of education and experience that benefits our clients in the division of retirement benefits, investments and other assets. Anne has experience with qualified and nonqualified orders, with plans covered by ERISA and plans that are not covered under federal law. She has earned an L.L.M. in Employee Benefits and has worked for the U.S. Department of Labor Benefits Security Administration, focusing on Voluntary Fiduciary Correction Program (VFCP) application audits and other fiduciary correction matters.
The Basics Of DROs
DRO is the basic term for domestic relations order. A DRO is an order that transfers a specific percentage of a divorcing party’s retirement benefits to the other divorcing party. A DRO becomes a Qualified Domestic Relations Orders (QDRO) once it is accepted by the plan. In Illinois, a QDRO is called a QILDRO (Qualified Illinois Domestic Relations Order).
There are numerous factors that influence the process by which monies can be assigned, and the amount and manner by which the benefits are transferred. The type of retirement plan and various laws and regulations all have an influence on the process.
The entire process of establishing a QDRO can be complicated, and our clients often have many questions about QDROs. Attorney Anne Prenner Schmidt brings the experience, knowledge and compassion to help our clients through the process of assigning monies and establishing QDROs during divorce or separation.