Misconception Cleared Up: Retirement Accounts Post-Separation Clarified
We′ve been separated for years. Why should she get half of my retirement account, my 401K or my IRA, all the way up to the date of the divorce? Hi, I′m Tulsa Dads.Law attorney Clint Hastings and I practice here in Tulsa, Oklahoma and I focus on father′s rights. The answer to that is she doesn′t get half when you′ve been separated for quite a while or even a short while, but it does not go up all the way to the time of divorce. It stops at the date of separation. However, what she may be entitled to is the earnings on her share of the account that she is awarded between the marriage, duration of the marriage and up to the date of separation.
So, let′s say during the marriage, let′s say it was five years, you’re contributing to that account during the marriage, you separate and then at the time of divorce, she′s going to get approximately half of that retirement account for that five years. Meanwhile, she has made gains or losses on that account since the date of separation up until the divorce. So, let′s say you′ve been separated for three years and say the market went up like gangbusters and her portion of that retirement account gained, right? So, she′s going to be entitled to her half during the marriage up to the date of separation plus any gains on her half that accrued due to market forces.
Misconceptions about Retirement Account Division
Now, the same thing, if you’ve had losses, she′s also going to take the losses. So, that′s a misconception that I hope I cleared up. A lot of people have that misconception and that′s just not the case. If you have other questions along these lines, give us a call. We′ll be happy to give you a consultation. Thanks.
Contact us for a Low-Cost Consultation
If you have more questions about retirement account division in a divorce or any other legal matters regarding father’s rights, don’t hesitate to contact Tulsa divorce attorney Clint Hastings at (918) 962-0900 for a low-cost consultation. We’re here to help you navigate through your legal concerns and provide you with the guidance you need.
