Connecticut Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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How to fill out Sample Letter To Pension Plan Administrator Regarding Division Of Plan Proceeds Per Court Order?
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FAQ
A spouse or former spouse who receives QDRO benefits from a retirement plan reports the payments received as if he or she were a plan participant. The spouse or former spouse is allocated a share of the participant's cost (investment in the contract) equal to the cost times a fraction.
As noted above, in order to divide the plan, a QDRO/DRO must be prepared, signed by the Judicial Officer in your case and served on the Pension/Retirement plan. Usually this happens at the time of trial or the final Judgment, but it can be completed later.
Is Connecticut a 50/50 Divorce State? Connecticut divorce laws follow the equitable distribution approach, which is rarely a 50/50 split. Rather, a court will divide a couple's marital property fairly, although not always equally, using a laundry list of factors to determine how assets should be awarded.
In order to gain access to a percentage of your pension, your spouse would have to specifically ask for their share at the time of the divorce ? not at the time of your retirement. This is done via a court order called a qualified domestic relations order (QDRO).
Pensions are classified as marital property in Connecticut. Therefore, a judge may award part or all of pension to a spouse as part of a Connecticut divorce.
Receiving funds from a QDRO can take between two to five weeks after everything has been processed and approved. There are situations where it may take longer, but those are rare.
Depending on your state's laws, marital assets are usually divided equally between spouses in a divorce. Therefore, pension funds that qualify as marital property are usually split evenly between divorcing spouses. The exception to this rule would be if you have a valid prenuptial agreement in place.
QDRO/DRO ?Qualified Domestic Relations Order (QDRO) or Domestic Relations Order (DRO). If the pension/retirement plan is going to be split between the parties, a special order must be prepared to divide the plan?either a QDRO or a DRO.
