QUESTION
Is my spouse entitled to the amount available in my 401K at the time of the divorce or is it the amount that has been accumulated over time?
Asked on Apr 15th, 2013 on Divorce - Connecticut
More details to this question:
So say I take a loan out, will it be the amount left over or the full balance indicated before the loan?
7 ANSWERS
Family Law Attorney serving Peoria, AZ
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The Law Firm of Jessica M. Cotter, P.L.L.C.
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Your spouse is entitled to one half of the community portion of your 401(K). If you were participating prior to the marriage that separate portion is your sole and separate property. If you take a 401(K) loan it will not impact the value of the 401(K) for purposes of division. The loan will be treated as an advance to you, and if that advance is all community funds you will owe your spouse one half of the amount of the loan.
Answered on Apr 17th, 2013 at 7:56 PM
Alternative Dispute Resolution Attorney serving Chandler, AZ
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Cox Sandoval Law, PLLC
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Your spouse is entitled to ? the value of the 401k that was contributed during the marriage (from the time of marriage to the date of service of the petition for dissolution). The spouse is entitled to ? the increase in value of those contributions during the marriage. I would suggest consulting with an attorney to address more details. Often a 401k interest could be offset with other property or division of other assets, depending upon the values at stake.
Answered on Apr 16th, 2013 at 10:12 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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It should be based on the amount accrued over time. Just because you borrowed should not affect it.
Answered on Apr 16th, 2013 at 10:02 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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With some hesitation, because every case has different facts, she would be entitled to at least one-half of the increase in value of the 401(k) during the marriage. If it has been a relatively long marriage, most courts would just divide up the full value. Taking a loan against it will not protect you, and will look very fishy.
Answered on Apr 16th, 2013 at 10:00 PM
Glen Edward Ashman
It doesn't work that way, and in Georgia the judge will likely punish that unwise move. Discuss it with the lawyer that you need badly to hire, as you're about to make a catastrophic pro se mistake.
Answered on Apr 16th, 2013 at 1:02 AM
Family Law Attorney serving Irvine, CA
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Law Office of Julie A. Ringquist
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Each party should receive one-half of the amount that was earned during the marriage. If you are in the middle of a divorce, there are automatic restraining orders which preclude disposing of or encumbering marital assets without a court order or stipulation/agreement of the parties. This makes sure all the assets are still fully available until the Judge decides how much each of you are entitled to receive.
Answered on Apr 16th, 2013 at 1:01 AM
Litigation Attorney serving Norwich, CT
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Scott McGowan Law Office
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Depends on many facts. You really need to talk to an attorney about this type of question.
Answered on Apr 16th, 2013 at 12:52 AM