Dear Franklin:
Greetings. Pensions are divided through QDROs (Qualified Domestic Relations Orders) which specify the percentage of the pension which the other spouse shall receive. We generally use the Seifert formula (named after a famous case) which looks at the number of months the parties were married, the number of months the employee worked at the firm, etc.
IRAs also are often distributed through QDROs, but some can simply be rolled over with a properly drafted separation agreement. The bottom line is that your attorney will need to draft the division language (including percentages or set amounts) into the separation agreement for you and then draft the QDROs. Best of luck.
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorcecom
919-787-6668
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
PLEASE HELP ME OUT ONCE AGAIN. I NEED TO KNOW HOW I CAN GET THE FORMULA FOR SEIFERT TO DETERMINE HOW MUCH I WILL HAVE TO PAY. ALSO, HOW DO I FIND THE PERCENTAGES FOR THE QUALIFIED DOMESTIC RELATIONS ORDERS. THANKS
Dear Franklin:
Greetings. First, it sounds to me like you are asking me for language in drafting a separation agreement, which I will not post here. You may want to have your attorney research the Seifert case for you to determine the correct way to draft your separation agreement and qualified domestic relations order (QDRO). I do not know what you mean about finding the percentages for the QDROs.
It is my advice to seek an attorney’s assistance in drafting any division of retirement benefits. Best of luck.
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorcecom
919-787-6668
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
WE WERE MARRIED 14 YEARS AND RECENTLY SEPARATED. I HAVE BEEN RECEIVING A PENSION FOR THE PAST 5 YEARS. HOW DO YOU CALCULATE THE PORTION WIFE WILL RECEIVE? I HAVE NOT BEEN ABLE TO FIND THE ANSWER. HOW ARE IRA’S DISTRIBUTED. THANK YOU