401 k

[Screwed99]

What is the name of your state? IL

Hi,

I got married in December of 2007 and was married for five weeks before I filed for an annulment. I had about $40k in my 401k before I got married. Will she be entitled to half of the entire balance of my 401k or just the growth in the fund from when we married?

Thanks.

 

[VeronicaLodge]

just the growth during the marriage.

 

[MFinancier]

just the growth during the marriage.

Actually half the contributions and growth of any contributions made during the marriage. The passive appreciation/depreciation of the premarital (nonmarital) amount is still nonmarital in IL. OP needs to find out from his monthly statement if any contributions were made while married, and what the latest month end balance is. The formula is a little hairy but the bottom line is he will owe her much less than half of any total appreciation while they were married...if there were any contributions...and nothing if there weren't.

 

[VeronicaLodge]

thanks for the clarification!

 

[nextwife]

And remember to ask for half HER contributions during the marriage.

 

[Screwed99]

I filed for an annulment after five weeks but probably won't get it for another six months or so the way things are going, so in total I would have been married to her for about one year if the case if over by then. Will she be entitled to half of the growth in my 401k, property appreciation (if any) for five weeks or for the full year. Thanks.

 

[Bali Hai]

Actually half the contributions and growth of any contributions made during the marriage. The passive appreciation/depreciation of the premarital (nonmarital) amount is still nonmarital in IL. OP needs to find out from his monthly statement if any contributions were made while married, and what the latest month end balance is. The formula is a little hairy but the bottom line is he will owe her much less than half of any total appreciation while they were married...if there were any contributions...and nothing if there weren't.

If the annulment is granted, was there a marriage???

 

[qurice]

Was there even any growth?

 

[LdiJ]

I filed for an annulment after five weeks but probably won't get it for another six months or so the way things are going, so in total I would have been married to her for about one year if the case if over by then. Will she be entitled to half of the growth in my 401k, property appreciation (if any) for five weeks or for the full year. Thanks.

I am pretty sure that if you get the annulment you can avoid giving her anything at all.

 

[MFinancier]

If the annulment is granted, was there a marriage???

Good point....but knowing how hard annulments are...unless he has some really good grounds....besides "oops" this was a mistake!!! I remember a few years back in IL. when some poor guy broke off an engagement...got sued and ended up paying damages to his jilted fiancee. That would make a 5 week "marriage" down right legit in some judges mind. Ugh!!!

 

[MFinancier]

I filed for an annulment after five weeks but probably won't get it for another six months or so the way things are going, so in total I would have been married to her for about one year if the case if over by then. Will she be entitled to half of the growth in my 401k, property appreciation (if any) for five weeks or for the full year. Thanks.

Half the CONTRIBUTIONS and any growth of those contributions (if there were any) until the final decree...but only if you are NOT granted an annulment and must file for divorce. Otherwise it's all yours. If you didn't contribute anything to your retirement account...it's ALL nonmarital (separate) no matter what!!! Last case I worked on the respondent had 200K in a retirement account the year end before he got married...the following year he got married and contirbuted only 1K to his account and then stopped entirely. 15 years later he had approximately 600k when his wife filed for divorce and demanded half of all the appreciation (half of 400K). Account had basically tripled so they gave petitioner HALF of the 1K plus half of the appreciation on that 1k...for a total of 1.5K. Respondent kept other 598.5K!!! (there were millions in other "marital" assets...and she did get 55% of the total in case anyone is thinking this was totally unfair....but his retirement account was almost totally considered nonmarital!) Now do you see what I'm getting at? There is a precise formula, methodology and valuation dates which can be used...but since this contribution was so small...they did it the easy way!

 

[MFinancier]

I am pretty sure that if you get the annulment you can avoid giving her anything at all.

In regards to the retirement account...but what about temporary maintenance for a good faith "putative" spouse? Ouch...wouldn't that hurt!

 

[Screwed99]

If the annulment is granted, was there a marriage???

Yes, we did get married in a registry office. She threatened abortion so I married her. My attorney is of the opinion that an annulment is possible.

 

[Screwed99]

Half the CONTRIBUTIONS and any growth of those contributions (if there were any) until the final decree...but only if you are NOT granted an annulment and must file for divorce. Otherwise it's all yours. If you didn't contribute anything to your retirement account...it's ALL nonmarital (separate) no matter what!!! Last case I worked on the respondent had 200K in a retirement account the year end before he got married...the following year he got married and contirbuted only 1K to his account and then stopped entirely. 15 years later he had approximately 600k when his wife filed for divorce and demanded half of all the appreciation (half of 400K). Account had basically tripled so they gave petitioner HALF of the 1K plus half of the appreciation on that 1k...for a total of 1.5K. Respondent kept other 598.5K!!! (there were millions in other "marital" assets...and she did get 55% of the total in case anyone is thinking this was totally unfair....but his retirement account was almost totally considered nonmarital!) Now do you see what I'm getting at? There is a precise formula, methodology and valuation dates which can be used...but since this contribution was so small...they did it the easy way!

Got it. Thanks.

 

[mistoffolees]

Yes, we did get married in a registry office. She threatened abortion so I married her. My attorney is of the opinion that an annulment is possible.

I think the point was that if you get an annulment, it doesn't end the marriage - it means that the marriage never existed. That would put you in a better position with respect to division of assets.

However, the above makes me wonder. Is she pregnant? If so, the entire thing is going to be much more complex. You typically wouldn't be able to get a divorce if she were pregnant. I don't know about an annulment.