grampafred
Junior Member
What is the name of your state (only U.S. law)? NY
My daughter is nearing the end of a divorce. Her husband has been a drug addict and was recently demoted at work because of this. Despite being employed by a massive nationwide company, he chose never to contribute to a 401k plan or save money by any other means. My daughter however has contributed to her 401k plan for many years and has been carrying 75% of the house expenses for some time due to his refusal to pay more into the household.
Wanting it over quickly, she agreed to split everything 50/50, including her 401k, which her attorney told her she had no choice about, that the 401k is always split down the middle in NY. The final papers just signed, her attorney told her that the 401k valuation must be based on the date she filed for the divorce in 2007, when it was worth $80k. It is now worth $50k of which he will receive $40k, which certainly doesn't seem fair.
She did some research and learned that it seems her lawyer gave her incorrect informtion, and that the stipulation could have been worded to state that the 401k valuation would be based on the final decree date, and that rather than a value put on it, it could have been split based on number of shares, which would have been more fair. Her lawyer is disputing this information. Would these have been options here, and if so does she have any recourse with her lawyer?
Thank you,
Fred
My daughter is nearing the end of a divorce. Her husband has been a drug addict and was recently demoted at work because of this. Despite being employed by a massive nationwide company, he chose never to contribute to a 401k plan or save money by any other means. My daughter however has contributed to her 401k plan for many years and has been carrying 75% of the house expenses for some time due to his refusal to pay more into the household.
Wanting it over quickly, she agreed to split everything 50/50, including her 401k, which her attorney told her she had no choice about, that the 401k is always split down the middle in NY. The final papers just signed, her attorney told her that the 401k valuation must be based on the date she filed for the divorce in 2007, when it was worth $80k. It is now worth $50k of which he will receive $40k, which certainly doesn't seem fair.
She did some research and learned that it seems her lawyer gave her incorrect informtion, and that the stipulation could have been worded to state that the 401k valuation would be based on the final decree date, and that rather than a value put on it, it could have been split based on number of shares, which would have been more fair. Her lawyer is disputing this information. Would these have been options here, and if so does she have any recourse with her lawyer?
Thank you,
Fred