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Blog 2018 October Will Divorce Affect My 401(k) or Retirement Benefits?
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Will Divorce Affect My 401(k) or Retirement Benefits?

Posted By Law Office of Kathryn Marteeny || 3-Oct-2018

In a divorce, everything that is considered marital property will ultimately end up on the chopping block, subject to division. This also includes your 401(k) plan, pensions, and other retirement accounts. However, only the amount you contributed to the account after your marriage will be considered marital property. For example, if you have a total of $100,000 in one account and $30,000 of that amount was accumulated prior to your marriage, only $70,000 of it would be divvied up between you and your spouse.

Dividing Your Retirement Assets

When it comes to dividing something like a 401(k) plan, you should understand that there are multiple options. You could decide to keep the entirety of your account and, in exchange, allow your spouse to take other marital assets that have a comparable value to what they would have received if your retirement assets were divided. When making a decision, you will want to consider the long-term tax consequences and the current and long-term value of the assets.

If you and your spouse would rather split the retirement assets instead of trying to hash out what other marital assets you are comfortable parting with in exchange for keeping the entire sum of those assets, you will need what is known as a Qualified Domestic Relations Order (QDRO), which creates the right for an alternate payee to receive all or part of a retirement account. When you retire and become eligible to receive funds from your retirement accounts, your spouse will also likely be eligible for distributions.

Family Law Attorneys in Houston

If you and your spouse are going through a divorce and encountering complex legal matters such as the division of your retirement accounts, you will need skilled legal assistance on your side. At the Law Office of Kathryn Marteeny in Houston, our family law attorneys are backed by over 30 years of experience and is dedicated to assisting clients navigate numerous family law matters. You should not have to go through this difficult time on your own.

Get started on your divorce case today and reach out to our law firm at (713) 936-2300 to schedule a consultation with a knowledgeable member of our team.

Categories: Divorce

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Law Office of Kathryn Marteeny
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