Legal Question in Family Law in Minnesota
My son maybe getting a divorce. He has been married 6 years. Will he have to share his 401k with his wife?
1 Answer from Attorneys
Hello. The answer is �it depends� � it depends on the totality of the circumstances. Sometimes a divorcing person does not want to share or divide his/her retirement plan (401K, IRA, pension, 403B, deferred compensation, etc.) and arrangements are made not to do that. Sometimes the cost to divide a plan outweighs the value of the plan, rendering division of the plan cost-ineffective. Sometimes the plan is of small (�nominal�) value. What is to be considered �marital� property may need to be sorted from what is �nonmarital� in nature. As a family law attorney, I look at the totality of a divorcing couple�s finances including assets of all sorts (homes, land, vehicles, inheritance monies, gifts of various sorts), both non-retirement and retirement, and liabilities and debts. Often a �Marital Balance Sheet� is created. Every situation is unique. In the event that one spouse is considering a divorce or is concerned that his/her spouse is contemplating divorce, I definitely recommend that he/she confer privately for what is often termed �pre-divorce planning�. This sort of private attorney-client conferring is common and wise, prudent. Sometimes a concerned parent will seek legal advice and counsel. At times the situation is one of great, ongoing stress and distress. I recommend that you or your son phone several attorneys in choosing an attorney to provide legal counsel and advice, because it is critically important that there is a sense of great trust in the attorney-client relationship. All the best to you and your family.
Tricia Dwyer Esq
Tricia Dwyer Esq & Associates PLLC
Phone 612-296-9666 every day of the year until 8 p.m. daily
Minnesota Family Law Firm � help for you, your finances considered in fee