Who Gets the 401k in a Divorce | Porchlight Legal
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- Опубліковано 6 вер 2024
- Who Gets the 401k in a Divorce? My clients are often surprised by this, so I want to put it out there right up front. Even though your 401k is in your name, it’s marital property.
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Great information. I learned so much
So glad you found the video useful!
Great info and thank you for the advice as well. I’m going through a divorce now and really don’t know much about any of this, but we are going for uncontested and she proposed a buyout figure. The house was left to me, but now the the decision I have to make is it fair she gets 50% of what the fair market value is for the house or can I offset down a bit knowing that I will have to pay for realtors and closing costs. The house has been paid for so it’s a clean cut.
Thank you.
We're glad you found the video helpful. We are unable to provide legal advice about your specific case on UA-cam. Since you want to have an uncontested case, we recommend working with an attorney who focuses on low-conflict and uncontested cases. An attorney can help you work towards and balance your goals of getting a fair result while keeping the process uncontested.
And they ask why men dont wana get married
what are some valid examples where asset might not be divided closer to 50/50? it sounds like even a 60/40 ask seems out of line?
The judge has discretion in how to divide the marital estate. Most of the time, the division is going to be close to 50/50. Whether it makes sense to ask for a different division would depend on your specific financial situation and the facts of your case. Financial malfeasance by one party can justify a different award, but it would still depend on the other facts of your case.
What about when a spouse steals your 401k and forges your name and you don’t know about it till several months later
If you believe your spouse is mishandling marital funds, including retirement, you should seek an attorney's help with your case to address the issue promptly.
It will be divided
A 401k may or may not be divided in a divorce. It has to be at least partially a marital asset (acquired during the marriage) in order to be divided. A marital asset can still be assigned to one party, depending on the overall division of assets and debts.
If I have a 401k under my name and not a joint account. Does that still get split?
Everything earned during the marriage is subject to division--even if it is only in one party's name. That doesn't mean every account will be divided. Whole assets can be awarded to one party.
@@porchlightlegal5253 Thank you for your insight. I got so much questions but I don't know or think it will be a factor when I file for divorce.
How much does divorce cost in Maryland
The cost of divorce varies a lot. It depends on the facts of your case, such as whether you have kids or own a house. It also depends on how much you and your spouse agree on, which will impact how much work an attorney needs to do on your behalf to resolve the case. We recommend you consult with an attorney in Maryland to get a cost specific to your case. If you're looking for a cost upfront, look for a flat fee attorney instead of an hourly one.