A Qualified Domestic Relations Order is actually the court order that divides up a qualified retirement plan. There are outside services that also prepare QUADROs. Over time we’ve found that often those outside services charge more money than what we charge to do it. It’s not unusual for us to find in the preparation of a QUADROs, particularly if it’s a large employer, that we may have already done five or 10 QUADROs that relate to that particular retirement plan.
We don’t have to go back and start from the beginning. We’ve got forms on file that have been previously approved by the administrator or the plan that we know got the job done, they’ve been tested, they’ve been approved by the court. It’s a simple matter to update one of those forms to something that meets the needs of the current situation. We’re able to get it done a little bit more efficiently than one of the outside services.
Chuck Roberts is family lawyer at Momkus McCluskey Roberts, LLC, one of the largest law firms in DuPage County, Illinois.