Should I Stop Contributing To My 401(k) If I know I Am Going Get Divorced In Michigan? – (248) 588-3333
In the context of every divorce, the marital assets will be divided and the marital assets are these are the assets that are accumulated throughout the marriage. Some assets continue to accumulate during the marriage but they originated before and can include boats, houses, 401(k) plan, etc. If you know you are getting divorced then roughly speaking every dollar you contribute into the plan, fifty cents is going to the opposing party when you divide the plan. If you are thinking of getting a divorce, rather than continuing to contribute a plan ultimately to have the contribution split, then you should consult with your attorney for the next steps. If you don’t contribute to the plan, then that money goes into your regular paycheck, won’t go towards your retirement and end up taking more taxable money. Contact our office today if you have any questions regarding this process.
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