Deborra-Lee Furness initiated the uncontested divorce in New York's Suffolk County Supreme Court on May 23, according to court records. The filing comes more than a year and a half after the former couple announced their separation in September 2023. On January 2nd, 3 motions for Qualified Domestic Relations Orders were entered in the case and are awaiting approval.
What is a Qualified Domestic Relations Order?
In New York law, a Qualified Domestic Relations Order (QDRO) is a specific court order, separate from the divorce decree, that legally divides a divorcing spouse's retirement plan (like a 401(k) or pension) and assigns a portion to the other spouse (the "alternate payee") for child support, alimony, or marital property division, ensuring it complies with federal laws (ERISA) and avoids immediate taxes or penalties, often by directing funds into the alternate payee's own retirement account.Without a QDRO, transferring retirement funds during a divorce could trigger significant taxes and penalties, as these funds are generally restricted. The QDRO provides the legal mechanism to bypass these issues, protecting both parties' financial futures.
Process:
- Agreement: Negotiate the division of retirement assets in your divorce settlement.
- Drafting: A specialized attorney drafts the QDRO, detailing the division.
- Court Approval: A New York judge signs the QDRO, making it a valid court order.
- Plan Review: The QDRO is submitted to the retirement plan administrator for qualification.
Key Aspects of a QDRO in NY
Purpose: To legally transfer retirement benefits from one spouse to another as part of a divorce settlement. Federal & State: Governed by federal law (ERISA) but issued by a New York state court judge as part of the divorce proceedings.
Required Content: Must include specific details like names, addresses, plan names, and the exact dollar amount or percentage to be paid.
Alternate Payee: The spouse, former spouse, child, or dependent receiving benefits.
Plan Approval: After the judge signs, the QDRO must be approved by the retirement plan administrator to become effective.
Types of Plans: Divides defined contribution plans (401(k)s) and defined benefit plans (pensions).
Tax Advantages: Allows the alternate payee to receive funds without incurring early withdrawal penalties or taxes, often by rolling it into their own IRA.
The actors, who co-starred in the 1995 Australian show "Correlli," married in 1996 and share two adopted adult children, Oscar and Ava. Their 2023 separation was revealed in a statement to People Magazine, which read, "We have been blessed to share almost 3 decades together as husband and wife in a wonderful, loving marriage. Our journey now is shifting and we have decided to separate to pursue our individual growth."