401 %

iVillage Member
Registered: 02-09-2005
401 %
2
Sat, 07-09-2005 - 10:34am
The mediator said since my income is about 7% of our total household income, I am responsible for only 7% of the debt. Does that mean I am eligible for only 7% of the 401 as well?
I thought it was 50% on everything including debts. I was pleased to hear that re the debt but a friend said it works the same re 401K.
I do have an appt Mon with my lawyer.
iVillage Member
Registered: 03-06-2005
In reply to: betrayed131
Sat, 07-09-2005 - 12:41pm

Hello :)


My first instinct is to say no, you are entitled to half of the 401. I would, of course, call your attorney and ask before you take my word for it though :) I was lucky ( or unlucky depending on how you look at it ) to not deal with this kind of stuff in my divorce.


Hugs to you and good luck!


Angelena

iVillage Member
Registered: 02-19-2004
In reply to: betrayed131
Sat, 07-09-2005 - 3:07pm
I would think you would get 1/2 the assets and 1/2 the debts, and then income would be a factor in things like child support and alimony. It all depends on your state law though, it's not the same for all of us. It does make sense that if you take 7% of the debt you'll also get 7% of other assets. I am not sure you could get 50% of the assets and only 7% of the debt, but again not being a lawyer familiar with laws in your state, it's hard for us to say.

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