Q: Does a lawyer need to be involved in divorce if one of the parties has a 401k? Both parties agree on who will keep it.
The party without the 401k does not want any of it. In leu of dividing it, I took on more debt and he received more physical items such as furniture, etc.
I see that the online forms available state they cannot be used if a party has a retirement account; however, I also have been told that as long as all parties agree, then the forms can be used.
A: If the party without the 401K wants any part of it, a very good lawyer will be required even if there is an agreement. QDRO's are very stringent and few attorneys (and Judges) know anything about them. Knowingly giving up a marital interest in property is a serious thing.
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