Legal Question in Family Law in Michigan
Division of 401 Saving
Does Michigan law require that a personal 401 saving plan have to be to be a 50% division in a divorce? or can there be another percentage split? or does it have to be a division at all? The plan was employer and employee invested. There was another source of household income (rental investments) if income plays a factor the ex-spouse is retired from G.M. Would abesto claim and payoff be subject to divison as well as income from self-employment (i.e. snowplowing and lawncare)?
Thank-you
New Beginings in Michigan
2 Answers from Attorneys
Re: Division of 401 Saving
A 401k or pension is just another asset that can be handled through the divorce. It can be split any which way or not split at all. Depends on the agreement of the parties in a settlement, or the ruling of a judge if it is litigated. For more info, please contact my office at (248)851-3171.
Re: Division of 401 Saving
First of all, with this property and these questions, you definitely should get a lawyer. In fact, just the mechanics of putting together such a divorce judgment yourself would be ridiculous. As to your questions, there is nothing etched in stone requiring a 50/50 split of a 401K. The parties can do anything they want or the judge can offset the 401K against other property, etc. There may be other reasons not to do a 50/50 split, such as misconduct by one of the parties. Income from self-employment is no different than income from regular employment. Injury claims, such as asbestos, are considered marital property and subject to division. William S. Stern 248-353-9400
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