Legal Question in Family Law in Nevada

Retirement 401k

I am currently separated from my wife for about three months. I also just found out thay my company is closing its doors for business. So, now that I am in survivial mode so I will be withdrawing my retirement early to settle debts and for moving expenses. My Wife says she wants part of that. I have a feeling she is entitled to a portion of that what ever that size may be. I'm even required get her signature to even process the paperwork. We have been married 6 years. No children, on other assets. My question is: Am I required to divide the retirement and if so what is the percentage to be divided? Thank you for your time.


Asked on 5/19/09, 6:40 pm

3 Answers from Attorneys

James Smith James E. Smith Ltd.

Re: Retirement 401k

She would get half of whatever when in the 401(k) during marriage if there was a net gain.

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Answered on 5/19/09, 6:51 pm

Re: Retirement 401k

I hope that she will be paying her share of the taxes, too, If you withdraw money out of your 401K, you will be paying a substantial tax penalty to the IRS.

She is entitled to a porportionate interest based upon the following forumla: 1/2 x total number of years married divided by total of number of years working. If you have been putting money into this 401K for more than 6 yrs. (the time that you have been married) she isn't necessarily entitlted to 1/2.

Any money acquired during marriage, along with any other assets is community property.

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Answered on 5/19/09, 7:19 pm
Jim Herbe Black & Lobello

Re: Retirement 401k

Thank you for your inquiry to my office.

Nevada is a community property state which means that any assets accumualated DURING THE MARRIAGE will be split equally upon divorce. Bascially, your wife would be entitled to 1/2 of all 401k money you earned while married.

The flip side is all debts and tax consequences would be split equally as well. My recommendation would be to see if you and your wife can agree on a settlement amount and do a Joint Petition for Divorce. This would allow the two of you to save on attorneys' fees and save what assets you may still have.

If you'd like to speak to my office further feel free to contact me at the number below.

Regards,

Jim Herbe, Esq.

702.307.1355

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Answered on 5/19/09, 7:23 pm


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