Divorce is a financially complex process, especially when spouses don’t have prenuptial agreements in place regulating exactly who is entitled to which pieces of property. Though we tend to think of the most important types of property as business interests, houses, and assets held in bank accounts (that may be subject to a spousal support agreement or outright distribution between parties), there is one commonly fought-over issue that many don’t realize its importance until its too late: 401(k)s. Read on and reach out to a dedicated Los Angeles divorce attorney from Zitser Family Law Group to learn more about distributing a 401(k) in a divorce and how we can help you protect yours.
How is a 401(k) distributed in a California divorce?
Typically, when a couple gets divorced, unless they otherwise have certain provisions in place, one spouse will likely be entitled to a portion of their spouse’s 401(k) plan in a divorce. That said, if you’re looking to get a portion of this plan, you and your lawyer will need to file a qualified domestic relation order. These orders are based on the contents of your divorce agreement, but they are separate from your divorce agreement. Our firm has dealt with countless numbers of these documents in the past, and we’re here to help you with yours as well. Your attorney will get in touch with your former spouse’s employer (the administrator or the plan) and ensure a portion of it is transferred to your possession. Your attorney will then review the document and ensure everything checks out. If multiple retirement accounts are to be distributed in your divorce, you’ll need to file multiple qualified domestic relation orders.
The bottom line is that these are complex financial documents to transfer over, which is why anyone seeking a portion of their spouse’s 401(k) or facing any other matter of property distribution should strongly consider retaining the services of a competent Los Angeles division of assets attorney who can help walk them through the process and fight for what’s theirs. If you have any further questions or would like to get started with the process, simply pick up the phone and give us a call or contact us online today.
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For the qualified, dedicated legal representation you and your family deserve and need through any family law or divorce matter, contact Zitser Family Law Group, APC today.