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Asked 11/10/2009
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401k and divorce If you are getting a divorce after 19 years is the spouse entiltled to 401k even if they have there own money from another source. And when is the 401k payed out and what if the spouse is deceased? |
Answer 1/1 - Submitted 2/14/2012
If you are geting a divorce your spouse is entitled to half of the money in the account. Just like you are entitled to half the money in any accounts they have. The money in your 401k or other accounts are considered marital assets. Once you are divorced and your money is separated you can designate anyone you would like to be your beneficiary. You will need to remove your spouse or else they will remain your beneficiary. You can start taking money out of your 401k at age 59.5 with no penalties. The payouts in the account will be made to the account holder not to anyone else regardless of if you are married or not. If the account holder were to pass away then whoever they indicated as the beneficiary would be the person who would get the money from the account.
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