Divorce Advice for Men | Fathers Rights Divorce | Child Custody

Question:

I need financial advice on divorce on how to protect my assets and 401k.

I think we are heading to divorce, and I assume I am going to need all the extra money I can to afford the best divorce lawyer. I was considering stopping my contributions to my 401k for the time being.

Should I stop putting money in my 401(k) account in order to free up additional cash and to keep my wife from getting an even larger share of my retirement account?

Question:

Do you have any financial advice on divorce when it comes to dividing retirement and mutual funds?

My wife and I have reached a proposed agreement to divide the retirement accounts and that each of us will retain any stock, bond, or mutual fund that is held in one person's name solely.

Can our proposed financial settlement overrule any state laws that require us to divide all the property we acquired during the marriage?

Question:

My financial advice on divorce question has to deal with delays in withdrawing 401k money post divorce.

My ex-wife was awarded the right to claim 50% of my 401k. The value of my 401k account at the time of my divorce six years ago was $100,000.

The current value of my 401k is $40,000, and my ex-wife now wants to claim her right to 50% of the account, but says it should be 50% of the value at the time of the divorce, not its current value?

How much is she entitled to since she took so long to proceed with this claim? She was also supposed to pay half of the QDRO preparation, but she never initiated the process.

By Jennifer M. Paine

Divorce Lawyer, Cordell & Cordell

Did you take out a loan from your retirement account to pay credit card bills, to repair the roof or for a vacation? Then you’re like most guys.

The bad news is for most retirement accounts, loans are not dividable – which means you are left paying back the entire loan after your divorce.

The good news is (yes, there’s good news) the loan is also a marital debt that should be divided between you and your spouse.

Financial adviser Dan Danford explains the major differences between a 401k plan and an IRA.

In this edition of Money Made Easy, Danford, CFP®, CRSP®, MBA, of Family Investment Center, offers the pros and cons of both options and which one might be better for you and your family.