What Happens to My 401K During a Divorce?
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While divorces are generally an emotional roller coaster, they are particularly
draining in a financial sense, as well. This may raise a number of concerns
for both you and your future ex-spouse, especially regarding how a 401K
is split in a divorce. Perhaps your most significant and essential financial
asset, your 401K is of immense value during your divorce--in fact, it
may be the most valuable asset you fight for during this entire process.
As such, it is considered marital property, just like your home.
However, unlike your home, deciding what to do with your 401K is not quite
as simple as any other asset or property. In these instances, it is important
you draw up a QDRO, also known as a qualified domestic relations order.
This order determined how your 401K will be distributed, and it highlights
the way in which you and your spouse will choose to divide up the nature
of 401K payments. Unless a QDRO is properly filed, your 401K may be incredible
vulnerable to your spouse’s interference. If one party dies or retires
before the plan is approved, your spouse will lose his or her benefits--all
the more reason to enlist in the help of an Orange County family lawyer
who will construct a QDRO that works with you and your spouse’s needs.
Are you and your spouse heading for
divorce? If so, now is the time to enlist in the help of a compassionate, experienced,
and skilled Orange County family lawyer who will work tirelessly on your
behalf. The Law Offices of W. Douglas McKeague is the right choice for
you and your family during this challenging time, as we are deeply invested
in helping you move through this process with ease. Our priority is your
success and satisfaction--a desire not many divorce attorneys share. Allow
us to fight for you today.
Don’t hesitate to schedule an initial consultation with a member
of our legal team by
calling (714) 888-4830.
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