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How property is divided

David Siegel: Let's move on to important things like child custody.

Jesse Barrientes: We're going to get to custody I think in our next Chicago show when we talk about joint-parenting agreement because there's a lot of detail I think that needs to be in there.

David Siegel: Let's stick with property then.

Jesse Barrientes: Sure.

David Siegel: And this is a type of property that you can't necessarily touch, but it sits in accounts, retirement accounts. How does that get divided?

Jesse Barrientes: They get divided by what they call a QDRO or qualified domestic relations order, Illinois Qualified Domestic Relations Order, and what happens is there is an order. Each of the administrators of the pension funds have their own way of doing things, and their own rules and regulations. The preferred way is to get a QDRO package, to draft it based upon the rules, then to submit it for preliminary approval. Once you get that back, then it can be entered in to court.

Sometimes people will go and there's other places, and accountants, and agencies that will draft them, and they have the specialized knowledge, and that's okay, but I like to get them from the places themselves so I know they're going to be approved. Some people will just go ahead and draft a QDRO, a Qualified Domestic Relations Order, and will just go ahead and have it entered. Then sometimes what happens is it goes back to the administrator, and it's not approved, then you've got to do it all over again.

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Division of property

How property is divided