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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 29083
Experience:  Attorney with experience in family law.
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Divorce and 401K : We both have 401K but we aren't going to

Customer Question

Divorce and 401K
JA: OK. The Family Lawyer will need to help you with this. Please give me a bit more information, so we can help you best.
Customer: We both have 401K but we aren't going to split anything.
JA: Anything else I can tell the Family Lawyer before I connect you two?
Customer: we are in Tennessee?
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Family Lawyer about your situation and connect you two.
Submitted: 1 year ago.
Category: Family Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

You and your spouse are free to agree in a divorce that each of you will keep your own 401(k) monies and not share with the other spouse. As long as you put the agreement in writing and both sign it, it will be upheld. The document has to be signed in front of a notary so neither of you can challenge the signature later.

The court has a settlement agreement form online that you can use if you'd like, and if you're able to agree on other issues as well. If not, you can type up something on your own that identifies the accounts in question (just so there's no dispute later), and that will be enforceable.

http://www.tncourts.gov/sites/default/files/docs/form_5_divorce_agreement_marital_dissolution_agreement_-_aug_2012_0.pdf

If you have any questions or concerns about what I've written, please reply so that I may address them. If I did not address the specific thing that you wanted to know, it may not have come across clearly to me, so please restate that question. It's important to me that you are 100% satisfied with the service I provide. Thank you.

Customer: replied 1 year ago.
It is this that concerns us.Real Property (house, land or mobile homes that are permanently attached to the ground) Neither spouse owns real property.
Other Assets (business or retirement accounts)
Neither spouse owns a business or has a retirement account.
Expert:  Lucy, Esq. replied 1 year ago.

A 401(k) is a retirement account. But you can edit that.

Customer: replied 1 year ago.
correct. So does that mean we can't fill out that form?
Expert:  Lucy, Esq. replied 1 year ago.

I would just change the form so it says you have retirement accounts (and anything else that's wrong). But if you prefer, you can type up your own settlement agreement that says exactly what you want it to say.

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