QUESTION
Does the retirement amount I was awarded in my divorce collect interest?
Asked on Jul 12th, 2018 on Divorce - Virginia
More details to this question:
My divorce was final in December 1997. At that time I was awarded 12K interest in my spouses retirement. He retired December 31, 2017. I recently asked when he was going to pay this and he quoted an amount much less than what I expecting. I was under the impression that the amount I was awarded in 1997 would draw interest but not according to my ex. I would like to know what the common practice is and if the amount I was awarded in 1997 should have collected interest.
1 ANSWER
Lawyers.com offers general information and not legal advice. The terms of your Court Order will govern the amount. At the time of your divorce, the lawyers involved should have prepared a Court Order, usually called QDROS, Qualifying Orders, Order for Processing Retirement, etc., that sets forth the terms of the distribution. For example, does the order address gains and losses, cost of living provisions, etc.?
Your question cannot be answered in this forum. It is recommended that you confer with an experienced family lawyer in your area to discuss this matter in greater details. Please note that most consultations are billed at the lawyer's hourly rate. Therefore, this is something you need to discuss up front. Best of luck~
Answered on Jul 16th, 2018 at 6:22 AM