Divorce and 401k
Hello, Mrs, Savage,
Preparing for a divorce and am looking for a lawyer… I have a fairly healthy 401k and have been married 5 1/2 yrs. My partner has no pension, etc. I live in Illinois and wonder if we divide our possessions,including my 401k, will I have to pay the taxes on this money which I understand I will have to dissolve and divide 50/50? Thank you so much.
Terry Says
The division of assets depends on what is agreed upon between you. But a 40l(k) wouldn’t have to be immediately distributed. The judge could issue a QUADRO order — qualified domestic relations order — specifying a portion of the 40l(k) that is reserved for your spouse.
You DO need a good lawyer — not for a fight, but to do this correctly. I co-authored a book called The New Love Deal with my good friend and divorce attorney Gemma Allen. I trust her completely. Here’s her contact info:
https://allenglassman.com/our-team/gemma-b-allen/
