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How are 401K Accounts Divided in a Divorce?

Metro Detroit family law and divorce lawyers Henry Gornbein and Alisa Peskin-Shepherd discuss how 401K Accounts are divided in Michigan divorces.

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Henry: Alisa you talked about pensions where there are payments over a period of years and these are QDRO, what about 401ks and IRAs?

Alisa: Similarly we can use a quadro to divide that asset and that’s usually transferred in a lump sum where as a pension it is usually a paid over a period of time, but using a QDRO you can transfer those monies; you can transfer the monies to the non owner of the 401k without tax penalties which is very important another important aspect of being able to transfer those monies in the property settlement which is equitable

Henry: Okay so you get these, another area, there can be cars that are often traded off, often furniture and furnishing, art, antiques, gifts and inheritances, now gifts and inheritances are traded differently isn’t that correct?

Alisa: Right, and again looking at that particular case, when did that gift come in, when did that inheritance come into the party, into the marriage, how was it used in the marriage, if there was a co mingling with the property it loses its separate quality, if not then those items might be considered separate property and not considered in the equitable division of the marital assets

 
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Alisa A. Peskin-Shepherd PLLC
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