How to Determine Who Gets a 401K in a Divorce

Video Transcript

Hello, have you ever wondered how to determine who gets the benefit of your 401K, at the time of divorce? I'm Dr. Felicia, and I'd like to share a few tips with you. First place, nine out of ten times, you signed a financial affidavit with your divorce attorney, at the time of divorce, so many circumstances vary with this one, and depending on your jurisdiction within your divorce, what state you're in, and what county. The other thing also depends on the benefits administrator. You might want to check with them, in terms, of if you can assign a 401k to someone else, or not. The other thing is, that also you may be able to work out a trade, where in lieu of breaking up your 401k, you may be able to give some other asset, so that you can keep your retirement plan intact. These are all things that should be discussed with your attorney, and they should also be certainly in line, with what's happening in your jurisdiction. Most people have other assets, if they have a 401k, so you should be able to work some kind of barter out, if possible. With that in mind, I would like to say good luck to you, and please always consult your attorney, on these matters. Thank you, and have a great day. Dr. Felicia.

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