How is 401(k) Divided in a Divorce?

I have contributed religiously to my 401(k). How will it be handled when I get divorced? Family Law Attorney Sergio Cabanas talks about how 401(k) contributions are divided in the event of a divorce in Florida.
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Watch the Video in English:
How is 401(k) Divided in a Divorce?
• How is 401(k) Divided ...
Mira el video en español:
¿Cómo se divide un 401(K) en un divorcio?
• ¿Cómo se divide un 401...
**Please note that the information in this video is not an adequate substitute for a consultation with an attorney who is knowledgeable in this subject area and could review the specifics of your individual matter and determine how the law would apply in your particular case.**
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Sergio Cabanas, Esq. has been practicing law since 1991, after graduating from Washington College of Law in Washington D.C. Attorney Cabanas is admitted to practice in the State of Florida and the U.S. Court for the Southern District of Florida and the U.S. Bankruptcy Court. He founded the Divorce and Mediation Law Firm in 2006.
The Divorce and Mediation Law Firm focuses on Divorce, Mediation, Child Custody, Child Support, Alimony, Prenuptial Agreements, Post-nuptial Agreements, Domestic Violence, and Post-Divorce Related issues.
The firm has three locations: Pembroke Pines, Weston, and Sunny Isles Beach in South Florida. If you would want to consult, you can reach the firm at [phone]. We are open from 9AM to 5PM, Mondays to Fridays.
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0:00 Intro
0:17 How are 401(k) contributions handled in a divorce?
0:28 Contributions made before the marriage may go directly to you
0:33 Contributions made during the marriage may be divided between spouses
0:40 What happens if you are already receiving 401(k) distributions?
0:50 401(k) payments can be considered as income and subject to alimony and child support payments
1:05 Get a lawyer for proper guidance in dividing 401(k) during a divorce
1:16 Outro
Transcript:
So! I have contributed religiously to my 401(K) plan. However, I think I'm about to go through a divorce from my spouse. Are they entitled to my 401(K) plan? It's all my money. Not his or hers.
Hi, I'm Sergio Cabanas. Attorney-at-Law here in Florida. And today we're going to talk a little bit about 401(K) contributions and how they're handled in a divorce case.
Like most assets, 401(K) contributions are also considered to be subject to Florida divorce law.
That means that contributions made before you got married may end up going to you.
However, contributions made during the marriage, may end up being divided with your spouse on an equitable basis.
Now, what happens if you're already receiving distributions from your 401(K) plan?
Well, if you've already retired and you and your spouse have been receiving these distributions or withdrawals on a regular basis, it could be considered income and can still come into play in your divorce case.
So, this is relevant when it comes to determining things like alimony and/or child support payments.
So, as you can see, this issue can also get a little complicated in a divorce case. Which is why it's so important to have a good, experienced attorney on your side, guiding you through this process.
It's definitely a must, especially in high net worth cases.
So, don't take any chances.
I hope this short video provided you with some general guidance on this very important topic.
Thank you again for watching. And, as always, stay informed so you can stay strong.

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Are you about to go through a divorce and you're worried how your 401(k) will be handled? Call us today at [phone] to discuss your options!