When you go through the divorce mediation process, you cover all the areas of your divorce agreement. You come up with a custody arrangement with your parenting plan. You figure out all the financials like who is keeping the house, what is happening with your joint credit cards and bank accounts, how are you dividing your retirement accounts, etc. You figure out if alimony, now known as spousal support, is a factor. And you calculate a child support payment. All of that is done within the process of mediation. And it is a lot to accomplish in four to six one-hour meetings.
But then there is the execution of these agreements that is done outside of mediation. You have to go to the bank and close/change the joint account. You have to call the credit card company. And so on and so on. One very important task is to file a Qualified Domestic Relations Order (QDRO) if needed to divide your pension or retirement fund. This document will be filed with the court and becomes a court order that directs your retirement fund plan administrator to now direct funds to you and your ex-spouse, not just you, in accordance with your divorce agreement. You should always double check with your retirement plan administration to see if a QDRO is needed if you are dividing up any of a spouse’s retirement monies. The QDRO is a multi-step process and should be done by a professional to avoid any mistakes, which can be financially costly. In the mediation business you hear urban legends of the spouse who DIYed a QDRO and it cost them hundreds of thousands of dollars in taxes and penalties.
The mediators at Westfield Mediation, LCC, have helped hundreds of people successfully address their new futures. And while we do not help with the creation and filing of a QDRO, we can direct you to qualified people who do help. This is not a detail that you want done incorrectly or overlooked all together. While you can get a majority of the steps of your divorce resolved in divorce mediation with the support of your divorce mediator, there are some things that only you can do outside of mediation.
For more information on divorce and divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at [email protected].
But then there is the execution of these agreements that is done outside of mediation. You have to go to the bank and close/change the joint account. You have to call the credit card company. And so on and so on. One very important task is to file a Qualified Domestic Relations Order (QDRO) if needed to divide your pension or retirement fund. This document will be filed with the court and becomes a court order that directs your retirement fund plan administrator to now direct funds to you and your ex-spouse, not just you, in accordance with your divorce agreement. You should always double check with your retirement plan administration to see if a QDRO is needed if you are dividing up any of a spouse’s retirement monies. The QDRO is a multi-step process and should be done by a professional to avoid any mistakes, which can be financially costly. In the mediation business you hear urban legends of the spouse who DIYed a QDRO and it cost them hundreds of thousands of dollars in taxes and penalties.
The mediators at Westfield Mediation, LCC, have helped hundreds of people successfully address their new futures. And while we do not help with the creation and filing of a QDRO, we can direct you to qualified people who do help. This is not a detail that you want done incorrectly or overlooked all together. While you can get a majority of the steps of your divorce resolved in divorce mediation with the support of your divorce mediator, there are some things that only you can do outside of mediation.
For more information on divorce and divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at [email protected].
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