ok thanks, XXXXX XXXXX ask because my friend is going thru a divorce here in Texas, and his attorney told him that his ex cant touch his 401k because it was a retirement account. so im thinking this law is the reason why.
i hope so, but i thought most judges ignore the state and federal laws and divide up a 401k like any other savings account?
well thats what i have read some about..
To clarify, a creditor can not touch a 401k under Texas and Federal law. You asked this question in the bankruptcy forum relating to creditors. Now when discussing family law, Texas is a community property state. A spouse in a divorce is not a creditor under the prior statutes. They are spouse entitled to community property. Texas Code Sec. 3.002 states that Community property consists of the property, other than separate property, acquired by either spouse during marriage. Therefore, a spouse can be subject to 1/2 of any 401k monies acquired during a marriage, or in the alternative the judge can separate assets as they see fit. I hope my answer has assisted you and that you will now rate my answer. Please do not reply thanking me, as the system will prevent you from rating it by doing so. Your rating is all the thanks I need, for thoroughly answer all of your questions. If you have further questions, please feel free to post again in a forum. Thank you for using JustAnswer.
if you had 40k in a 401k before marriage and were contributing 25% the whole time, then dropped your contributions down to 7% after marriage and after 3yrs of marriage your 401k was valued at 140k. how would you know how much was from the seperate property and how much was from the community property? is there a special type of person who knows how to calculate such things to the exact amounts? if so who would? financial planner? accountant? etc?
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