How to Determine Who Gets a 401K in a Divorce

Series Summary

Romantic love is a wonderful thing. Finding a kindred soul can make every action in life meaningful and rewarding. This happily-ever-after ending has been ingrained into consciousness from a young age. Growing up on fairy tales and romantic comedies, we know how to deal with the beginning stages of romantic love. Unfortunately, the demise of a relationship is something that no one can prepare for. Nonetheless, circumstances develop, people change and love can disappear. Struggling through a failing marriage or relationship is no doubt one of the hardest and most challenging experiences, but it's the perfect opportunity for personal growth and fulfillment. In this free video series, get some advice for dealing with a breakup or divorce. Our expert, Dr. Ferrara, is a professional psychologist. She takes the time to give tips for coping with a broken heart. Also, learn how to make a divorce as amicable as possible. Dr. Ferrara explains how to ask a partner for a divorce, and she gives tips for coping with the divorce process. Find out how to save a marriage and if you are still in love with your partner. While this is a very difficult time, learn how to survive it. So, hear some advice from Dr. Ferrara today!

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."