QUESTION
When should 401(k) be distributed after dissolution? How?
Asked on May 15th, 2015 on Divorce - Rhode Island
More details to this question:
Following a dissolution of marriage, when does the 401k get distributed?
7 ANSWERS
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
It should say in the divorce judgment
Answered on May 18th, 2015 at 4:58 AM
As soon as a proper qualified domestic relations order is prepared and delivered to the plan administrator
Answered on May 18th, 2015 at 4:37 AM
Social Security Disability Attorney serving Melbourne, FL
at
Law Office of Robert E. McCall
Update Your Profile
Must be by court order, length of time depends on the Plan Administrator.
Answered on May 18th, 2015 at 4:13 AM
Dispute Resolution Attorney serving Seattle, WA
at
Law Offices of Helene Ellenbogen P.S.
Update Your Profile
It doesn't. It should be divided via a QDRO and then each of you can start to draw on it when you have reached the appropriate age.
Answered on May 18th, 2015 at 4:02 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
You probably know that it does not get divided automatically. One of the spouses must draft (or better, have a lawyer draft) a Qualified Domestic Relations Order for the Judge to sign, and then get the signed Order to the Trustee of the 401(k). If you had a lawyer during the divorce, he or she should arrange for it. Good Luck.
Answered on May 15th, 2015 at 4:24 PM
The distribution of a 401k should be determined by an expert in Qualified Domestic Relations Orders a/k/a QDRO. That person will know all the tax consequences of different distribution periods and how to prepare the appropriate Order for the Court to sign.
Answered on May 15th, 2015 at 2:56 PM
4 Awards
One of the attorneys needs to prepare and submit a qualified domestic relations order and after that is signed and sent to the company it only takes a few short weeks. Best wishes.
Answered on May 15th, 2015 at 2:54 PM