Carlsbad, CA asked in Estate Planning for California

Q: Is an IRA or 401K considered Community Property or Seperate Property in a Living Trust?

Related Topics:
2 Lawyer Answers
Benjamin W Scott
Benjamin W Scott
Answered
  • Woodland, CA
  • Licensed in California

A: It depends on when you earned the money in the 401K and IRA. If you earned the money while you were married, it's community property. If you earned the money before you were married or after a separation or divorce, it's separate property. If you can trace how much was contributed during marriage and how much was contributed before marriage, then the accounts can be partially community property and partially separate property.

Zaher Fallahi
Zaher Fallahi
Answered
  • Estate Planning Lawyer
  • Los Angeles, CA
  • Licensed in California

A: In general, California uses the "time-line" to determine how much of the retirement plans are community property (CP)or separate property. Absent a valid prenuptial agreement to the contrary, plans earned during marriage are CP, and prior to marriage or after a legal separation are separate property.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.