Introduction
If you’re getting divorced and one of you has retirement savings in the Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group, it’s important to know how to divide those benefits properly. This specific plan is a profit sharing retirement plan, which adds a few twists to the typical QDRO process. Whether you’re the employee-participant or the spouse, making sure your Qualified Domestic Relations Order (QDRO) is done right can make a big difference in what you end up with.
At PeacockQDROs, we’ve completed thousands of QDROs. We take care of the full process—from drafting and court filing to working with the plan administrator. That means you won’t be left trying to figure it out alone. Below, we explain what you need to know to divide the Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group correctly during your divorce.
Plan-Specific Details for the Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group
Before we go into the QDRO process, let’s look at the basics of this retirement plan:
- Plan Name: Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group
- Plan Sponsor: Savings incentive and profit sharing plan for employees of the hobby lobby group
- Plan Address: 7707 SW 44TH STREET
- Plan Sponsor EIN: Unknown
- Plan Number: Unknown
- Industry: General Business
- Organization Type: Corporation
- Plan Year: Unknown to Unknown
- Effective Date: Unknown
- Status: Active
- Participants: Unknown
- Assets: Unknown
This plan likely includes both traditional and Roth contributions, a vesting schedule for employer contributions, and possibly participant loan balances. Each of those features needs to be addressed in a QDRO.
What Makes Profit Sharing Plans Like This One Unique
Unlike pension plans, where payments are based on formulas, profit sharing plans are account-based. The balance in the plan can include:
- Employee contributions (if the plan allows 401(k)-style deferrals)
- Employer profit sharing contributions
- Roth or traditional tax treatment
- Loan balances that reduce the withdrawable amount
In this kind of plan, you’ll need to carefully identify what portion of the account should go to each spouse and what rules apply to each part.
Dividing the Account: Main QDRO Considerations
Deciding on the Division Method
Most QDROs divide the account using either a percentage (such as 50% of the marital portion) or a fixed dollar amount. Be clear on which method you want to use. If the participant’s account has changed significantly in value since separation, the chosen method can make a big difference.
Vesting of Employer Contributions
This plan probably has a vesting schedule for employer contributions. That means if the participant leaves Hobby Lobby before becoming fully vested, part of the employer contributions could be forfeited. The QDRO should specify that the non-employee spouse receives a portion only of the vested balance—unless the parties agree otherwise.
Handling Loan Balances
If the participant borrowed money from their account before the QDRO, the loan isn’t available to divide. You can’t split money that’s not there. However, you can include language stating whether the non-employee spouse should receive a share of the pre-loan balance or simply a share of what’s currently available. Be cautious—plan administrators often deduct loan balances before calculating the spouse’s share unless told otherwise.
Roth vs. Traditional Accounts
The plan may allow both Roth and traditional contributions. These have different tax treatments. A QDRO should say whether the alternate payee receives their share proportionally across account types or only from one type. If that’s not clear, the administrator might just pick a method, which could have unintended tax consequences.
QDROs for Corporate Plans Like This One
The Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group is sponsored by a corporation operating in the General Business sector. Corporate plans are usually administered by third-party recordkeepers (like Fidelity, Vanguard, or Principal). These administrators often have specific language they want in your QDRO—and some offer optional pre-approval processes.
At PeacockQDROs, we check whether pre-approval is available for every plan we handle. That’s part of why we have near-perfect reviews. You don’t want your QDRO rejected because the language is “non-standard.”
Pre-Approval and Submission Process
The steps typically look like this:
- We draft the QDRO after gathering your divorce judgment and plan info
- If allowed, we submit it for plan pre-approval
- Once pre-approved, we file it with the court
- After the judge signs, we submit it to the plan administrator
- We follow up until the plan accepts the order and implements the division
Our clients never have to figure all of this out alone. Learn more about QDRO timeframes here: QDRO timeline factors.
Avoiding Common Mistakes
Unfortunately, we’ve seen too many people make mistakes when trying to split a plan like this one. Common errors include:
- Not accounting for loans properly
- Failing to specify which account types (Roth/traditional) are included
- Ignoring the vesting schedule for employer contributions
- Not addressing gains or losses if there’s a long delay between separation and QDRO implementation
To avoid these and other issues, check out our article on common QDRO mistakes.
Plan Administration and Final Tips
There are a few final tips when dividing assets in the Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group:
- Review the plan’s Summary Plan Description and QDRO procedures before drafting
- Request a complete participant statement to check for loans and account types
- Make sure your domestic relations order is formally signed by the judge—plans won’t act without a valid, signed order
The plan administrator may require their own QDRO packet or cover sheet. If you’ve received any of these documents from Hobby Lobby or their recordkeeper, share them with your QDRO attorney during the drafting process.
Why Choose PeacockQDROs
At PeacockQDROs, we do QDROs the right way. We don’t just hand you a document—we take you from start to finish:
- Drafting the QDRO based on your specific divorce terms
- Pre-approval with the plan administrator (if allowed)
- Filing with the court
- Final submission and follow-up until benefits are divided
We maintain near-perfect reviews and a proven track record. See more about our services here: QDRO Help.
State-Specific Call to Action
If your divorce was in California, New York, New Jersey, Connecticut, Kansas, Missouri, Iowa, or North Dakota, and you have questions about qualified domestic relations orders or dividing retirement assets like the Savings Incentive and Profit Sharing Plan for Employees of the Hobby Lobby Group, contact PeacockQDROs. We specialize in QDROs and have successfully processed thousands of orders from start to finish.
Get the answers you need—explore our QDRO resources or reach out for personalized help if you’re in one of our service states.