It's our weekly visit with our great sponsor Attorney Shon Cook. She's not only a master of her craft both in and out of the courtroom, she's got the very unique ability to explain some of the most intricate legal jargon in a way that anyone can understand it and make understanding the law, and all of it's hoops easy for the commoner. It's an art that not many can balance the way Shon does.
This week, we're digging into the financials of a divorce. There's a quirky little acronyum which you saw in the headline "QDRO" which is pronounced Quadro. QDRO is short for Qualified Domestic Relations Order which is the division of assets accumulated in a retirement or pension plan. That's the short and quick of it. It's a division of money.
The reason you need a highly qualified attorney for this? Well, these plans have a lot of detail in them. From things like when funds can be withdrawn, penalties for early liquidation, taxes on funds taken out etc. It's a lot more than moving some money from one account to another, it's working with the fund managers who reallocate the money within or between funds and sometimes, all of this work that's done has to be so correct because you might not be able to assure it's right until it's indeed time to withdraw, and that could be years down the road from the seperation.
It's a very twisted road to travel and as Shon explains this week, decisions made now need to be correct because opening everything up again in a decade, it would seem no one really wants that. Take a listen.