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Asset Protection

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seanskline

Junior Member
State of Florida:

In the beginning of our 12 year marriage, my wife and I agreed that my 401K would be set aside for our son's college fund. She is threatening divorce and proudly states that 1/2 of the 401K is hers. Question>>>> Can a 401K be placed into an IRA under my sons name, to avoid her taking what was agreed to be the son's?
 


nextwife

Senior Member
Are we talking YOUR retirement 401K, or an Education IRA?


The portion of your 401k that accrued DURING the marriage is a MARITAL asset In a divorce it would normally be split between you. (And should really be used for retirement). AS is whatever she accrued into a 401 during the marriage. That is unless you and she have an enforceable prenup that says otherwise.

College savings should be seperate and should be saved in addition to retirement monies. They have different rules and different functions.
 

LdiJ

Senior Member
Are we talking YOUR retirement 401K, or an Education IRA?


The portion of your 401k that accrued DURING the marriage is a MARITAL asset In a divorce it would normally be split between you. (And should really be used for retirement). AS is whatever she accrued into a 401 during the marriage. That is unless you and she have an enforceable prenup that says otherwise.

College savings should be seperate and should be saved in addition to retirement monies. They have different rules and different functions.
I agree, however for the record, retirement money can be withdrawn, free of penalty (but not tax) to pay for higher education.
 

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