Law Offices of Robert Stepniak

Flexible Payment Plans

Reasonable Attorney Fees

Major Credit Cards Accepted

Click To Contact The Attorney Now Click To Contact The Attorney Now Available 24/7, Call Now 386.253.4750
  • Home
  • Our Firm
  • Attorney
  • Practice Areas
    • FAMILY LAW
    • CRIMINAL DEFENSE
    • CIVIL LITIGATION
  • Where We Practice
  • Contact Us
  • Blog
  • (386) 253-4750Call Today
  • Email Us
  • Our Map
  • Menu
Law Offices of Robert Stepniak

Flexible Payment Plans

Reasonable Attorney Fees

Major Credit Cards Accepted

Click To Contact The Attorney Now Click To Contact The Attorney Now Available 24/7, Call Now 386.253.4750
  • Home
  • Our Firm
  • Attorney
  • Practice Areas
  • Where We Practice
  • Contact Us
  • Blog
  • (386) 253-4750Call Today
  • Email Us
  • Our Map
  • Menu

Will My 401k Be Affected by My Divorce?

Blog 2017 November Will My 401k Be Affected by My Divorce?
Previous Post  |  Next Post

Will My 401k Be Affected by My Divorce?

Posted By Stepniak & Park || 2-Nov-2017

Retirement accounts, such as 401ks, that include money that was earned during marriage are considered marital property in Florida, and can be divided up or awarded all to one spouse during property division. Let’s take a look at how your 401k may be affected by divorce.

Know Your Plan

Before anything else, start by discussing the terms of your 401k plan with your plan administrator. What you can and can’t do with your 401k is usually directed by the plan, with its own set of benefit provisions and administrative rules. Some plans divide earnings by a percentage, while others divide by shares. Some permit a distribution at the time of divorce, while others require you to wait until retirement. Doing research into your plan’s guidelines is pivotal.

Equitable Distribution

If your 401k is to be divided, let’s now discuss how assets and property are divided in Florida. Equitable distribution, which is the method used in the majority of states, divides property in a way the judge hearing the case believes is equitable or fair, but not necessarily equal. The court will look at the contributions of each spouse and who may have gathered debt and liabilities before making a decision. Below are a few options you may have for dividing your 401k:

  1. You keep all of your 401k in exchange for other assets: This option requires careful research and financial calculations, since you’ll need to ensure that you and your ex-spouse remain on equal financial footing in the long run.
  2. You and your spouse split the 401k assets: If you want to split your 401k, you will need a Qualified Domestic Relations Order (QDRO), a court order that creates the right for your ex-spouse to receive a part of your plan account.
  3. You liquidate your portion of the 401k and give you spouse a lump sum: If it is allowed, you may be able to get cash for your 401k, but this is not a desirable option for either spouse because of the tax consequences. It should only be considered if there is debt that needs to be dealt with immediately.

If you have questions about your 401k or division of property in your case, contact our Daytona Beach divorce attorneys at Law Offices of Robert Stepniak today.

Call (386) 253-4750 or contact us online to speak with a representative.

Categories: Divorce

Share Post

Practice Areas

How Can We Help You?

  • Family Law
    • Alimony
    • Divorce
    • Divorce FAQ
    • Divorce for Men
    • Divorce for Business Owners
    • Child Custody & Visitation
    • Child Support
    • Emergency Child Relocation
    • Grandparents’ Rights
    • Injunctions & Restraining Orders
    • LGBT Divorce
    • Modifications
    • Paternity / Fathers' Rights
    • Parental Relocation
    • Prenuptial Agreements
    • Property Division
    • Stepparent Adoption
  • Criminal Defense
    • Assault & Battery
    • Theft Crimes
    • Criminal Appeals
    • DUI Defense
    • Drug Crimes
    • Domestic Violence
    • Expungement / Record Sealing
    • Traffic Tickets
    • Sex Crimes
    • Other Serious Crimes
    • Probation Violations
  • Civil Litigation

Practice Areas

How Can We Help You?

  • Family Law
  • Criminal Defense
  • Civil Litigation

Email us for your Consultation

Send My Information
  • Main Office: Daytona Beach

    150 S. Palmetto Ave., Suite 100
    Daytona Beach, FL 32114
    Toll Free: (877) 256-4750
    Local: (386) 253-4750

  • Satellite Office: Deland/Deltona

    120 S. Woodland Blvd.
    2nd Floor
    DeLand, FL 32720
    Toll Free: (877) 256-4750
    Local: (386) 734-7373

  • Palm Coast/Flagler County

    Please Call For Appointment
    Toll Free: (877) 256-4750
    Local: (386) 446-0990

  • Palatka/Putnam County

    Please Call For Appointment
    Toll Free: (877) 256-4750
    Local: (386) 446-0990

Email us for your Consultation

Email us for your Consultation

Main Office: Daytona Beach

150 S. Palmetto Ave., Suite 100
Daytona Beach, FL 32114

Toll Free: (877) 256-4750
Local: 386-253-4750

Satellite Office: Deland/Deltona

120 S. Woodland Blvd.
2nd Floor

DeLand, FL 32720
Toll Free: (877) 256-4750
Local: (386) 734-7373
  • Main Office: Daytona Beach

    150 S. Palmetto Ave., Suite 100
    Daytona Beach, FL 32114
    Toll Free: (877) 256-4750
    Local: 386-253-4750

  • Satellite Office: Deland/Deltona

    120 S. Woodland Blvd.
    2nd Floor
    DeLand, FL 32720
    Toll Free: (877) 256-4750
    Local: (386) 734-7373

  • Home
  • Site Map
  • Privacy Policy
  • Accessibility Statement
  • Contact Us
Law Offices of Robert Stepniak

Call Today (386) 253-4750

Law Offices of Robert Stepniak - Daytona Beach Lawyer
150 S. Palmetto Ave., Suite 100, Daytona Beach, FL 32114 View Map
Main (386) 253-4750
Website: https://www.stepniaklaw.com/
Copyright © 2023 All Rights Reserved.
Lawyer Marketing Service by Fuel Web Marketing
Internet Marketing Experts