The Law Offices of Ossie Brown
P 225-424-7388

Things to know about splitting a 401(k) in divorce

As you go through the divorce process, it's only a matter of time before you turn your attention to asset and debt division.

Do you or your ex-spouse have a 401(k)? Are you unsure of how this will be divided in your divorce? There are many questions you need to answer and concerns you need to address.

Here are a few things you need to know about splitting a 401(k) in divorce:

-- A court order is required. Simply put, you can't do whatever you want with your 401(k) during divorce, but instead need a judge to sign a Qualified Domestic Relations Order (QDRO).

-- Know your state laws. Every state has laws regarding how a 401(k) is split in divorce.

-- Learn more about distribution options. Generally speaking, you have three options for getting the money from a 401(k): Roll the assets into your own retirement plan, defter distribution until the owner retires or cash out your portion.

-- Work out an independent agreement on your own. For example, this may be a detail you negotiate during mediation.

At our law firm, we know property division is often a sticking point during divorce. This is particularly true when it comes to a 401(k) and other retirement assets. It's important that you know your legal rights and how to get the money you deserve.

As you go into the divorce process, you should have a clear idea of what to expect in regards to property division as it relates to a 401(k). This will help you make sound decisions that benefit you now and in the future.

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The Law Offices of Ossie Brown
123 Saint Ferdinand Street
Baton Rouge, LA 70802

Phone: 225-424-7388
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