Saratoga Divorce Lawyer Explains How to Divide a 401K in Divorce
Do you need legal help?
The staff is extremely friendly and knowledgeable. They truly care about their clients and walk you through the process every step of the way. I highly recommend Jean and here team for any legal needs.
– Joseph B.
They were so kind and caring throughout the whole experience. Walked with me through everything. They made a difficult and painful time more. I would recommend them to in a heartbeat. Best decision about the divorce I made.
– Kelli F.
Was a real advocate for me while going through my divorce. Responded to emails and calls promptly and guided me through the entire process. Fair, responsive and frankly a light during a tough time.
– Melissa W.
Download our Family Law Guide
Enter Your information below to receive your free PDF Guide.
Do you need help with a divorce in Saratoga? Watch this video, then give our attorneys a call to set up a free review.
Question:
What should I know about dividing a 401K during a divorce?
Answer:
As a dedicated Saratoga Divorce Lawyer, I am often asked what people should know about dividing a 401K during a divorce.
- A large portion of a working person’s assets may be held in retirement funds or deferred compensation plans such as 401Ks, 403Bs, profit sharing, and other types of cash accounts.
- Depending upon the type of fund, division of the accounts is dictated by a “simple qualified domestic relations order” or a “domestic relations order.”
- Assuming each party receives the typical 50% of the marital share, the marital portion of the account is divided into two shares.
- The order goes to the plan, which segregates the funds and executes a rollover of the non-titled spouse’s funds, generally into a rollover IRA.
Do you have a 401K that you are afraid will need to be divided in divorce? Contact experienced Saratoga divorce attorneys today for a free consultation and case evaluation.
Like us on Facebook
Client Reviews
“The staff is extremely friendly and knowledgeable. They truly care about their clients and walk you through the process every step of the way. I highly recommend Jean and her team for any legal needs.”
– Joseph Bona