Legal Question in Family Law in Oklahoma

Division of 401K and profit sharing account

I live in Wi,my husband is in Ok and we are getting a divorce. I need to know how his 401K and profit sharing gets divided since he has 2 loans out against his 401K right now. Do I get half of the total in it or half of what he has available? How do they have to get me the money? I heard it gets put into an account I can't touch and I heard that they send me a check..what do I go by?


Asked on 9/19/04, 11:08 pm

2 Answers from Attorneys
Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

Re: Division of 401K and profit sharing account

Hello,

Usually you would get 1/2 of the value of the account after the loans valued at the date of the divorce. A special order signed by the judge divides it up. You end up with a check coming from his plan into your own IRA wherever you set it up. If he took the loans out after you filed for divorce you might be able to get more. If he has a pretty big 401k then you should get an attorney. Dont try to save a few dollars and risk losing more.

Best wishes, Mark J. Mahoney

920-984-4529

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Answered on 9/19/04, 11:50 pm
Paul Piaskoski

Re: Division of 401K and profit sharing account

Whether or not you receive one-half of the entire account balance or just the net after deducting the loan will depend upon when the loans were taken out and for what purpose they were taken out. As far as you getting the money, it will depend upon how much you are getting and whether or not you want the money right away or not. You can have your half rolled over into your own account, or you can receive your proceeds, less penalties and interest. Please feel free to call or email with any other questions.

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Answered on 9/22/04, 10:05 am


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