When you consult divorce lawyers in Owings Mills, one of the issues you should discuss is your finances. Your divorce lawyer will review your assets and liabilities , and advise you as to what you might expect from the divorce decree. For example, under family law, your spouse and dependents may be entitled to receive a percentage of the proceeds from your 401(k) plan.
You can hear more about this issue by watching this brief video. This family law attorney explains that the court can issue a qualified domestic relations order, which lists the recipients of a portion of your 401(k) plan. As your family lawyer can inform you, when this order is issued, you’ll be required to send a copy to the administrator of your 401(k) plan.