QUESTION
What forms do I need and what exactly should I do about the 401k and savings plan I was awarded in my divorce?
Asked on Feb 06th, 2013 on Divorce - Texas
More details to this question:
I was divorced 2/5/2013 and was awarded spousal support, a vehicle, and his individual savings and retirement plans due to his defaulting. I regret that my lawyer hasn't been helpful in educating me as to how to enforce the court orders or guide me to the appropriate resource. I am fearful if I don't get the correct forms in prior to my ex receiving the decree via mail that he could beat me to the punch and empty his accounts. I am desperate and am needing some financial assistance in order to get on my feet. I have been homeless since August.
7 ANSWERS
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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The best thing is really to mobilise your lawyer. Many lawyers do not draft QDRO's, which can be very complicated, but instead hire a specialist (lawyer or CPA) to do it. So it's a lot to ask of yourself: you could find yourself checking out the statute in the library, and drafting it, and getting the judge to sign it, only to find that the trustees of the fund disapprove for one reason or another. If your estranged husband should empty out bank accounts which are subject to division in divorce, or which have already been divided, he would be in contempt of court in a very big way. I don't understand why you are homeless. Surely you can apply to the court for temporary maintenance to help you pay for a place to stay.
Answered on Feb 07th, 2013 at 9:05 PM
Personal Injury Attorney serving Overland Park, KS
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Ankerholz & Smith
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It has been only two days since your divorce, so your lawyer should be able to help you with the final details of your division of property. The division of retirement and investment accounts generally requires the use of one or more Qualified Domestic Relations Orders (QDROs). Those can be difficult to draft and administer. Consult your attorney or another experienced family law attorney. A properly drafted QDRO should prevent any loss of property caused by your spouse's attempt to empty the account.
Answered on Feb 07th, 2013 at 4:36 PM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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You should contact an attorney.
Answered on Feb 07th, 2013 at 4:35 PM
John Arthur Smitten
You should arrange to meet with an attorney to enforce the award. Also, his 401k should be frozen until you get your half.
Answered on Feb 07th, 2013 at 4:32 PM
First, determine who is the administrator of each of these plans. Then notify the administrator that you have been awarded an interest in these plans. This usually causes the administrator to freeze the funds and will buy you some time. Then (diplomatically) let your attorney know that you will hold him or her responsible if your ex-husband cleans out these funds before QDROs ("qualified domestic relations order") get submitted.
Answered on Feb 07th, 2013 at 4:32 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You must get certified copies of the qualified domestic relations order and send that to the plans administrator. If you ask, your attorney will do it for you and probably do it right.
Answered on Feb 07th, 2013 at 4:31 PM
Divorce Attorney serving Frisco, TX
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Mackoy, Hernandez, Jones and Woods LLP
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You need a qualified domestic relations order for each plan covered by the federal statutes. The plan administrator may have a form order that can be tracked. This is very detailed work - it would be a good idea to hire a lawyer.
Answered on Feb 07th, 2013 at 4:31 PM