MN Divorce and Retirement Assets

Recently I was asked whether re-marriage can affect a person's entitlement to receive retirement assets that were divided pursuant to a Qualified Domestic Relations Order as part of a divorce decree.  The answer is "No." Here's the background: in Minnesota, assets acquired during a marriage generally are considered "marital" property.  Exceptions include inheritances, gifts made [...]

Minnesota Divorce and Retirement Assets

Often people ask me about how to divide retirement assets when they get divorced.  As I've mentioned before, Minnesota is a marital property (or common law) divorce state.  It is not a community property divorce state.  (Most states are community property states.  Minnesota is not.)  In Minnesota, a division of assets is supposed to be [...]

401(k) Plans and Financial Emergency

People who get divorced often have 401(k) retirement plans.  The funds in a 401(k) plan are "qualified" funds.  This means that the income tax on these funds, and income tax on the interest or gain realized by these funds, has not yet been paid.  The income tax is paid later, as the funds are withdrawn from the account.  The withdrawal [...]

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