WHAT IS CONSIDERED MARITAL PROPERTY- ARE 401K AND STOCK SHARING PROGRAM 12yearsMARRIAGE?

Question

16 YEARS IN PROGRAM

Answer 1

Do you live in a community property state? That makes a huge difference. I believe 401Ks are safe, but you ought to check in your state.

Answer 2

In North Carolina----I don't know about other states (please seek the advice of an attorney!!!!).

I believe you are asking if a couple has been married 12 years and are divorcing or legally separating; and, prior to the marriage, one spouse was employed at a company that established a matching 401K plan (retirement); and, prior to the marriage, company stock purchases were made by deductions payroll deductions? If this is correct, then--in my humble opinion, and not giving any qualified legal advice since I am not an attorney licensed or board certified to practice law in the United States--

I believe when you married, depending on the state laws of "marital assets," then the assets in each of those accounts could be negotiated between the parties.

However, if you ask that the funds in the 401K be distributed, then you both will be paying huge penalties for early withdrawal of YOUR funds-----NOT THE COMPANY'S MATCHING FUNDS. The full 401K plan would not be available to either of you until retirement or until they were rolled over into another 401K-type-of retirement tool. Subsequently, if you "withdraw" or "borrow" the funds the spouse put into the 401K, it will be considered a loan that must be repaid. So you both would have another debt if the funds were divided between you.

The stock sharing---you will need to research what types of stock was purchased--common or preferred---and then determine if this would be a good time to liquidate those shares for asset division.

If the market is continuing as it has in the last three weeks, those stocks are probably not going to be worth as much as they would if you left them where they are. You both can agree in a Legal Separation Document what percentage of those stocks could be divided iif sold at the highest rate they received in whatever the year you filed your legal separation document. Whichever person owns the stock could, if they wanted to, pay the other person cash for the percentage of that rate of return without actually cashing in the stocks. This would be like a "buy-out."

You must file with the courts in your state and county a Legal Separation Document which spells out divisions of property, child visitation, child maintenance, any adult maintenance, etc. Otherwise, you will be going through a long, drawn-out "Equitable Distribution Hearing". Those are not good for anyone. They're quite like going before Solomon and asking that your child's head be cut off just so the other person won't get the child.

THIS IS NOT LEGAL ADVICE --- ONLY AN OPINION.

Now, depending on whether or not you are the person who wanted the divorce--I would respectfully say that any long-drawn out fighting over things like these are usually one of the parties' attempts to stay in the other person's life for as long as they can--at all costs. The hunger to "hurt" one other tends to be far more dominant than the need to move on with your life. Both of you have already done what was required to destroy a marriage. So, it's done--you both did it! It's destroyed. Now, the only thing that's left is rubble, piles of something you both built that are charred, twisted and ugly. Find one grain of compassion and just move on.

If there are children involveld, then I would plead with you to NOT use them as pawns in whatever revenge or retribution you have planned for each other. They didn't ask for the divorce---they're probably taught to keep their promises, not betray trust, and to be courteous and compassionate. What they're about to see will be something that will form who they are for the rest of their lives.

Answer 3

Property that is acquired by either spouse individually or the couple together during a marriage is considered marital property. The time frame "during the marriage" starts as of the day the couple marries, and generally is regarded as ending on the date that the spouses begin to live apart (or the date that the spouses intend to live apart if they are unable to physically separate).

Answer 4

I just want to clarify something here. USUALLY, if property iis acquired during a marriage, it is considered to be marital property. That is, it is considered to be the result of the efforts of both parties to the marriage. HOWEVER, if, while you are married, your mom gives you her wedding and engagement rings and other jewelry, or some other personal thing, it IS NOT necessarily marital property! Just because you get married does not mean you cease to exist as an independent entity. Each state is different, and you want to check the laws of your state carefully, but if I want to give my baseball card collection to my favorite son, who happens to be married, it is HIS alone, unless I make some overt manifestation of an intent to include his wife in the gift.

Capici?

Answer 5

Marital property is usually property acquired during the marriage for the mutual benefit of the spouses....a 401k might qualify but you would need legal advice about suppourting case law.

Answer 6

Yes 12 of the 16 years you have contributed into retirement plan is divisible in divorce. The amount you paid in or reaped benefits or losses prior to the marriage is not and neither is anything done after the divorce, sometimes after the date of separation. If your spouse has retirement, you are entitled to a percentage of her retirement as well. Sometimes in divorce settlements, other arrangements can be made in order to keep your retirement in tact, such as your spouse getting more property (bank accounts, vehicles, household goods, real estate) than you to even it out. Even if your spouse gets some of your retirement, you are not penalized or taxed for it, it will simply be rolled out of your account (their portion) and put into an account in their name.

Answer 7

Any merchandise this is gained after marriage is seen joint marital sources, even a motor vehicle. Any and all sources. A trashcan is likewise seen joint marital sources. So do no longer wait to exhale( as interior the movie) have a storage sale or take out the trash( his approach) and start up advertising on e-bay . Get the money your entitled to. stable success.

Answer 8

ANYTHING aquired during the marriage, whether individually or jointly, is considered marital property. So if you started or had your 401K while you were married, it is martial property.

Answer 9

Check with the state laws some states have common law marriages after a number of years and some have adultery if you live together and not married???

Answer 10

Yes...401K and Stocks are included in financial consideration. (California law).