In divorces, 401K plans are treated as marital property to be split between spouses. The amount that each person receives depends on the couple's agreement and state and federal laws. The terms of 401K division should be recorded in Qualified Domestic Relations Orders, given to divorcing spouses by plan administrators. These forms need to be filled out a certain way and signed by judges and plan administrators to be valid. Attorneys on both sides should have these documents when exes plans to negotiate on 401K terms.
Before a New York judge can make a ruling about how to divide property in a divorce, a determination must be made about what property is subject to division. Any property that is deemed separate property will be exempt from property division because it is considered to be the sole property of only one spouse.
Individuals who are going through a high net worth divorce in New York can stand to lose a lot if the proceedings are contested. With 35 years of experience handling high asset divorce cases, we are prepared to help you achieve the outcome you desire.
Property division becomes more complex as the number and type of assets increase. For many New Yorkers, their home and a few bank and investment accounts encompass most of their assets that would be subject to property division in a divorce.