Even during a global pandemic, you should file a QDRO!
Never did anyone imagine that we would be working remotely for such an extended period of time. Five months from our initial stay at home orders and facing a new set of distancing rules. It is unfortunate that many are experiencing such difficulty on top of the stress of a divorce. We cannot imagine the tension you are having to navigate through as an individual or as a professional.
Numerous companies found themselves scrambling to adjust to remote work, or closing for the time being, thankfully QDROCounsel (“QC”) did not miss a beat. Covid-19 allowed us to shine, grow and show that the QC process can be professionally completed without the health nor financial risk to our customers, your clients or our staff.
COVID-19 Closed Everything!
It’s a common misconception that some of the processes surrounding your divorce had to halt. Generally courts and plan administrators only scaled back their production and within a few weeks’ time adapted to this new normal. They found great efficiency with accepting e-filing or submissions of drafts for review via email and in turn made our company even more efficient in our processes. Covid-19 eliminated the traditional comfort zone of pen and paper and made many adapt in order to survive.
How the CARES act can affect you
Numerous people may think: I can just wait, what can really happen right now? I think by now most of us have heard of the CARES Act (Coronavirus Aid, Relief and Economic Security Act). On that same note many of us are not really aware of how such an act aimed to provide relief can be detrimental in a divorce. The CARES act temporarily eliminated tax penalties and provides that qualified individuals may withdraw and treat up to $100,000 as coronavirus-related distributions from their eligible retirement plans between January 1 and December 31, 2020. So what does this mean to the non-participant spouse? It may mean that part if not all of the community property can be withdrawn, making it almost impossible to recover.
“The bottom line is that you may not want to wait for Covid-19 and/or the shut downs to cease, especially when the end is unknown.”
QC has always been set up and ready to help via online services. As a cloud based legal technology company, our team was already conditioned to work through a crisis as we are currently experiencing. QC has had great success in obtaining court conformed and certified copies generated with minimal delays. It is the place to get the process started and completed. Our individual and professional subscription services are ready to assist!
- Editorial Team
- August 11, 2020
- 3:17 pm
- 0 comments
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