Welcome! | Ask A Question
Asked 5/13/2010
|
Can I take the Employer Match amount out of my 401K in my divorce settlement since I didn't actually pay that amount. Under Texas Divorce Law I am in a divorce and my husband wants half of my 401k because he didn't put any in his. Can I take the Employer Match amount since those are funds that I didn't put in. |
Answer 1/2 - Submitted 5/13/2010
You cannot decide what is up for grabs.. it is usually the ENTIRE amount that he will get a percentage of. Right now, you cannot touch anything in the account until the final QDRO is drawn and signed -- they will then remove his portion - or + any losses or gains. The norm is 50/50 but I have seen a spouse awarded less and a spouse awarded the entire thing.. depends on the situation and other assets involved.
Answer 2/2 - Submitted 8/19/2010
First, if you and your spouse agree on how to split the account (or whether to split it), that's fine. But the employer match is just another form of your earnings, which are community property, and are subject to a just and right division at trial. You should exclude the separate property interest, which is the amount in the account at time of marriage plus the amount this this has increased in value from appreciation (but not from dividends or interest). But even taking out the separate property interest is a manual calculation and the documents need to reflect the dollar amount or the percentage of the total balance that is to be given to the spouse.
FREE Texas Civilized Divorce Guidebook: www.Civilized-Divorce.com
Type your Answer in the box below and post your answer.
I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of equity in a home me and my now ex husband were buying.he kept hte home and i had ot relocate will i have to pay taxes on the money i recieved.i will also get 1/2 of his 401k as he will mine it is to be set up...
I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...
I need to know if accept a payment from my after tax contributions out of my 401k, if it will cause me to pay taxes? the amount is $14,200 approx. how do i figure that out?
|
Will i have to pay taxes on money paid to me after my divorce I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of... |
|
I was out of work for the entire year of 2007. i did not collect any unemployment. even... |
|
I need to know if accept a payment from my after tax contributions out of my 401k, if it will... |
|
Can you withdraw funds from a 401k at any time due to a terminal illness? |
|
Question: in the past the 401k contribution reduced all taxable wages dollar for dollar... |
|
Taxes and penalties on 401k early withdrawal for new home If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and... |

Ask A Question
Ask a new question about
401k: