Generally, in the Garden State, soon-to-be-ex-spouses have access to a marital share of your retirement accounts following a divorce. However, you may have some ways to protect your retirement plan and financial assets. For more information on how to protect your 401(k) during a divorce, please continue reading, then contact an experienced Bergen County, New Jersey marital property lawyer soon.
What steps should you take to protect your 401(k) before a divorce in New Jersey?
Various outside parties can help you protect your 401(k) through a divorce, including pension plan administrators, SS benefits administrators, and financial advisors. You should strongly consider speaking with them to ensure you’re on the right track. You should also review any debt you may have, what your retirement income is/will be, your life insurance policies, and any other legal documents you may have drafted up, such as wills and other estate planning documents, as well as pre/postnuptial agreements.
How do you split a 401(k) during a divorce in New Jersey?
In most cases, assets held in a 401(k) are considered marital property, which means they will be subject to equitable distribution. This means that likely, both you and your spouse will receive a portion of your 401(k) when you get divorced.
Does my spouse automatically receive fifty percent of my retirement accounts, IRA or retirement savings in New Jersey?
No. “Equitable” does not necessarily mean “equal.” Courts will instead divide your assets in a way that they deem fair and just–this does not mean 50/50, however.
Can you legally hide your 401(k) assets during a divorce in New Jersey?
No. Hiding assets is frowned upon and, depending on the circumstances, can warrant criminal charges.
How can you protect your 401(k) in an NJ divorce?
To protect your 401(k), you can take certain steps, including selling your home, working with financial analysts, making certain financial life changes, and retaining the services of a seasoned family law attorney who can help you keep what’s rightfully yours.
Contact Our Experienced Bergen County Firm
If you are facing any family law matter, contact HD Family Law today to schedule your initial consultation.
