How much control doI have over just how a property settlement is paid?
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How much control doI have over just how a property settlement is paid?
I have value in my employee owned salaried employees retirement plan and 401K. My agreement with my spouse is to turn over approximately 75% of the value in lieu of other adjustments. Can I dictate what percentage comes from which plan? I would prefer to pull from SERP plan before 401K.
Asked on November 29, 2010 under Family Law, Louisiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
One would really have to read your divorce agreement with your ex spouse. The language of the agreement may dictate the appropriation of the funds. Is it 75% of the value of EACH of the pans or of the COMBINED plans? If it is 75% of each then there is nothing to allocate. Of the combined plans then I am assuming that you wish to do what is best for you financially and without penalty on removal of the funds, correct? So long as your agreement gives no restriction you should be able to allocate as you choose. But again, one would need to read the agreement to make sure that this is correct. good luck.
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