When it comes to 401(k)s, savings and retirement accounts, there are complex and unique issues that are involved in distribution following a divorce. If, for instance, someone has a 401(k) through a job, gets married and continues through their profession, the part of the funds that accrue during the marriage becomes a marital asset. That said, the portion that was paid out prior to the marriage is still defined as non-marital and is not divisible or distributable.
In the case of liabilities, it is rare to see a non-marital liability become marital, although a house or other property that is purchased prior to divorce and then refinanced after marriage becomes a marital liability. It is also worth noting that any liability acquired during a marriage is technically a marital liability up for distribution, regardless of whose name the liability is under.
Determination of status and valuation calculations can be immensely complex. The experience of a skilled lawyer cannot be overvalued when these issues arise.
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For more than 40 years, Garrick N. Fox Attorney At Law has been working on some of the most complex marital and non-marital assets and liabilities issues. We are ready to apply the comprehensive knowledge we have honed in our decades of practice to help you and your loved ones arrive at the best possible outcome.
To schedule a free consultation with a Daytona Beach equitable distribution attorney, contact our law office in Daytona Beach, Florida, at 386-492-8962.