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At the time of divorce or dissolution of marriage, plan benefits may be divided between the participant or member and that person’s spouse. In order to effectuate a division of the pension benefits in the state of Wisconsin, a Qualified Domestic Relations Order (QDRO or DRO) must be prepared and submitted to the Plan Administrator. The Orders generated by our online service are specific to each System or Plan.
(all QDROs are $299)
Several different methods of valuation are used in determining how much a marital asset is worth, depending upon the asset to be valued and the level of agreement between the parties. Courts generally accept the value when the spouses mutually agree on a value of a particular asset. Experts may be retained by the parties or by the courts to determine the value of marital assets if the parties cannot agree. Such experts may include accountants, real estate or business appraisers, or pension valuators. The use of experts adds to the cost of the divorce.
The presumption in Wisconsin is that all property, including retirement accounts, are divided equally. For most retirement accounts - 401(k)’s, pension plans, or IRA’s - the parties agree to a Qualified Domestic Relations Order (QDRO). This instrument divides these accounts. For some retirement accounts, such as military, state or county pension plans, QDRO’s do not apply and other special orders are required.
In Wisconsin the court may include the retirement benefits and plans earned by both spouses as marital assets available for division. Retirement benefits vary greatly but can generally be divided into two groups:
