Securing Your Financial Future
Domestic Relations Orders (DROs) are specialized legal orders necessary to divide most retirement accounts, and other deferred compensation plans during a divorce. These orders are essential for ensuring that each party receives their fair share of marital assets, such as pensions, 401(k)s, TDAs, 403(b)s, annuities, and other retirement benefits. Our firm is experienced in preparing and handling DROs, making sure that all documents comply with legal requirements and are approved by the relevant plan administrators.
We strive to protect your financial future by providing precise and comprehensive DRO services, tailored to your unique circumstances.
A Domestic Relations Order is a separate legal order issued by a court that instructs the plan administrator how retirement benefits and other deferred compensation plans should be divided between divorcing spouses.
DROs are necessary to ensure that retirement benefits are divided fairly and legally between spouses during a divorce. Without a DRO, plan administrators cannot legally distribute benefits to the non-employee spouse.
The time frame for obtaining a pre-approval letter for a DRO varies but typically takes several weeks to a few months, depending on the complexity of the retirement plan and the responsiveness of the plan administrators.
To prepare a DRO, we need detailed information about the retirement plan, including plan documents, account statements, and the terms of the divorce agreement regarding the division of assets.
Is there an extra cost for preparing a DRO?
Yes, there is an additional charge for preparing DROs due to the specialized nature of these orders, including getting the pre-approval letter from the plan administrator, submitting it to the court for signature, and then sending the signed DRO to the plan administrator for implementation. We provide transparent pricing to help you understand and plan for these costs.
We prepare DROs only for our mediation clients for whom we have prepared a Separation or Settlement Agreement. The DRO process begins during the mediation sessions while we’re discussing your retirement accounts.
We gather all necessary documents and information related to the retirement plans involved, including plan summaries, account statements, dates of participation, and any specific plan requirements for DROs.
Our team drafts the Domestic Relations Order, ensuring it complies with legal standards and the specific requirements of the retirement plan. Accuracy is critical to avoid delays and ensure approval.
The drafted DRO is reviewed by both parties and their legal representatives. Once agreed upon, it is submitted to the retirement plan administrator for pre-approval to ensure it meets all plan requirements.
After receiving a pre-approval letter from the plan administrator, the DRO is submitted to the court for approval. Once the court approves, the final DRO is sent back to the plan administrator for implementation, ensuring the retirement benefits are divided as intended.
To schedule an initial consultation, please fill out the form below or contact us directly via phone or email. We look forward to helping you navigate your family law matters with confidence and ease.