Can I divide my spouse’s 401(k) during divorce?
If you are going through divorce, you may have many questions about what forms of property and accounts can be divided. One asset that is commonly overlooked in Nevada is a 401(k) account. This savings accrues over your spouse’s work life and you have just as much claim to it as you do your spouse’s home, income and property. Here is what Forbes.com has to say about dividing your spouse’s 401(k).
The law states that marital property can be anything you have acquired during your marriage, no matter whose name is on the account. As long as you were married when it accumulated, it is generally both of your property. Even if your spouse has not exercised his or her stock options yet, you are still entitled to a portion of them.
While some spouses will attempt to hide this information during a divorce, this act is illegal and punishable by law. Do not believe your spouse if he or she tells you that you do not have a right to anything that was acquired during the marriage. Any other assets, including vehicles, land or buildings, that were offered as compensation or benefits of a job are also divisible.
Acquiring a portion of your spouse’s 401(k) or other retirement account is highly possible, but can require expert legal help to determine and achieve. This information is not intended and should not be taken as legal advice but was created to educate prospective divorcees on the right that they have to a portion of their spouse’s retirement benefits.