More details to this question:
If my husband decides to leave this family owned company not a Union cashes out his Pension profit sharing, 401 k plan is there steps that i can do to to protect myself. was told by one of the co workers that i as the spouse for almost 15 years that I would have to sign before they released it to him my question would be would this be split in half or or there steps that i need to take please advise...Thanks Mel
1 ANSWER
Any retirement funds, 401Ks, profit sharing, etc. earned or accumulated during the marriage are marital assets. It is true that before a spouse can "cash in"or take a loan against these plans requires the signature of the other spouse. So if you are planning to divorce, my advice is that you not sign anything until you get some legal advice. Let's face it, once an asset is gone, it is a lot more difficult to get it back, so better to figure out how it will be divided before one spouse takes some of it
Florida, as an equitable distribution state, starts with a presumption that marital assets will be split 50/50. There are factors that a court may consider to not split assets 50/50, but this is done on a case-by-case basis.
And unless you get divorced, it cannot be divided- unless you agree to liquidate the fund (if the plan allows) but there are penalties and tax implications in doing so that are best discussed with an attorney and/or CPA.
I hope this helped.
Best of luck,
Cindy Vova
Law Office of Cindy S. Vova, p.A.
8551 West Sunrise Blvd., Suite 301
Plantation, FL 33322
954-316-3496
info@vovalaw.com
Answered on Dec 11th, 2016 at 8:35 PM