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re: Question About Divorce And 401ks
Posted on 12/9/19 at 2:23 pm to pochejp
Posted on 12/9/19 at 2:23 pm to pochejp
quote:
Co-worker of mine went through this. She didn't have a 401K and got half of his which was all saved while married. What I understand is if he had any saved prior to the marriage that portion is not part of the split but that wasn't in his case. It was all saved during the marriage so she got half.
the person in a marriage that has made something of themselves and has accumulated some wealth, usually the man, always gets screwed in a divorce
0
Posted on 12/9/19 at 2:24 pm to OweO
This post was edited on 10/26/20 at 2:14 pm
Posted on 12/9/19 at 2:24 pm to 777Tiger
quote:
I don't ever reply to that guy
This is a good strategy, I'm going to start using it.
Posted on 12/9/19 at 2:25 pm to OweO
quote:
In other words, she can't just go after his and be able to keep all of hers right?
Enroll at Southern.
Posted on 12/9/19 at 2:26 pm to dbeck
quote:
I don't ever reply to that guy
quote:
This is a good strategy, I'm going to start using it.
usually don't bother to click on a thread he starts, just saw the subject line and clicked
Posted on 12/9/19 at 2:27 pm to OweO
Posted on 12/9/19 at 2:28 pm to Hou_Lawyer
Without going into all the details, the wife wanted a divorce now she is going after half of his 401k.
I was just curious if it was that simple...
I was just curious if it was that simple...
Posted on 12/9/19 at 2:30 pm to OweO
*** Disclaimer - I am not a lawyer, laws vary by state, and some judges are narcissistic arse holes. As such, there's no guarantee what will happen in a divorce proceeding ***
QDRO = Qualified Domestic Relations Order. It allows for a portion of the defendant's 401K to the (ex) spouse's retirement account without taxes or penalties.
In theory, when two people divorce, all assets accumulated during the marriage are assigned a monetary value, then those monies are split evenly. In that case one spouse could sign over car, house, boat, etc but keep all of their 401K. Depends how good the lawyers are, how contentious the divorce is, and who the judge is. Hopefully they can get everything settled without going to court, far easier and less expensive.
QDRO = Qualified Domestic Relations Order. It allows for a portion of the defendant's 401K to the (ex) spouse's retirement account without taxes or penalties.
In theory, when two people divorce, all assets accumulated during the marriage are assigned a monetary value, then those monies are split evenly. In that case one spouse could sign over car, house, boat, etc but keep all of their 401K. Depends how good the lawyers are, how contentious the divorce is, and who the judge is. Hopefully they can get everything settled without going to court, far easier and less expensive.
Posted on 12/9/19 at 2:35 pm to OweO
quote:
Evidently she wants half of his 401k (which is half of hers I assume because that is how marriage works). But if she has a 401k, do they combine the two 401ks and divide them? In other words, she can't just go after his and be able to keep all of hers right?
I'm pretty sure both 401Ks would be considered communal property.
quote:
In other words, she can't just go after his and be able to keep all of hers right?
Correct...
ETA...as stated above...it will all have to be spelled out in a QDRO, to avoid penalties.
This post was edited on 12/9/19 at 2:38 pm
Posted on 12/9/19 at 2:38 pm to fr33manator
quote:
That would first require you to be a man.
And since a man honors his bets, we all know that isn’t the case
Sick fukin burn
Posted on 12/9/19 at 2:38 pm to OweO
She can get half if her lawyer is not a total moron.
Posted on 12/9/19 at 2:39 pm to YouAre8Up
quote:
She can get half if her lawyer is not a total moron.
she can get half of what was earned during the marriage without a lawyer
Posted on 12/9/19 at 2:40 pm to OweO
Both parties are entitled to half of the others savings, retirement, equity, etc... since the day they were married, and both parties are also entitled to half of all the debt they have accumulated since they were married.
Any savings, 401K, etc.. he/she had before the marriage is theirs and doesn’t have to be shared, but they have to prove it.
Any savings, 401K, etc.. he/she had before the marriage is theirs and doesn’t have to be shared, but they have to prove it.
Posted on 12/9/19 at 2:42 pm to Jumbo_Gumbo
quote:
Any savings, 401K, etc.. he/she had before the marriage is theirs and doesn’t have to be shared, but they have to prove it.
and whatever is saved by going through this process is paid to the attorney, that and more
Posted on 12/9/19 at 2:51 pm to pochejp
quote:
Co-worker of mine went through this. She didn't have a 401K and got half of his which was all saved while married. What I understand is if he had any saved prior to the marriage that portion is not part of the split but that wasn't in his case. It was all saved during the marriage so she got half.
i know someone who just went through this. the wife ended up with half and blew through it in less than a year.....
Posted on 12/9/19 at 2:57 pm to OweO
quote:
Evidently she wants half of his 401k (which is half of hers I assume because that is how marriage works). But if she has a 401k, do they combine the two 401ks and divide them? In other words, she can't just go after his and be able to keep all of hers right?
She is entitled to it and will probably be succesful in pulling it down
Posted on 12/9/19 at 2:58 pm to bayou choupique
quote:
the wife ended up with half and blew through it in less than a year.....
I gave my ex over a million in cash, property and pensions, she was broke and dead in just a few years
Posted on 12/9/19 at 3:19 pm to 14&Counting
They will split the community property 50/50 which doesn't mean each item get's split 50/50. So he might keep all his 401 bu she might get a house or car to make up for that.
Posted on 12/9/19 at 3:23 pm to OweO
quote:
Evidently she wants half of his 401k (which is half of hers I assume because that is how marriage works). But if she has a 401k, do they combine the two 401ks and divide them? In other words, she can't just go after his and be able to keep all of hers right?
i just lost half of mine because of this.
rule- he gets half of hers and she gets half of his
Posted on 12/9/19 at 3:25 pm to OweO
You usually just create a Balance Sheet for each person. Then one person will owe the other some money.
Say wife has a brand new car worth $35K and he has a 401k with $35K they are all square. It is about more than just a 401k usually. It is easier when it is financial assets like 401k because the values are not arguable.
Say wife has a brand new car worth $35K and he has a 401k with $35K they are all square. It is about more than just a 401k usually. It is easier when it is financial assets like 401k because the values are not arguable.
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