Asked in Divorce for New York

Q: How is the Majauskas formula applied to divide a 401k through a QDRObefore retirement age?

I would like to divide my 401k and give my ex her portion asap. We are in our 50s and live in NY. The divorce decree states" the Wife shall be entitled to a Majauskas share of the husbands 401-k as of the date of commencement of the matrimonial action that was pending at the time such agreement was executed, to wit July 16 2018. The wife shall obtain her share of the same by means of a Qualified Domestic Relations Order

Assumptions Marriage lasted 30yrs

The 401k started in 1/2015

As of 7/16/18 the balance of the 401-k is $100,000

Questions

Can I initiate this instead of her?

Can this be completed now before retirement age? (initiate & complete QDRO, divide 401-k, give her her portion)

Is there any advantage to wait vs. get this done now (it was a contentious divorce, we are no contact, the grapevine says she needs money now, and I'm seeking closure) I have no issue paying the QDRO fee.

Approximately how much is she entitled to (roughly based on the application of the formula)?

Related Topics:
1 Lawyer Answer
Peter Christopher Lomtevas
Peter Christopher Lomtevas
Answered
  • Brooklyn, NY
  • Licensed in New York

A: The Majauskas formula is 50% × years of service credit accrued during marriage (numerator)÷ total service credit at time of retirement (denominator). As we are not told the date of marriage (presented by way of an assumption of 30 years), the asker can do his own math.

Causing money from any pension account to pass without a QDRO will cause penalties to the asker and an income tax to the spouse. Preparing a QDRO can be done upon divorce. There should be no delay, but we do not have enough facts as the contents of a divorce agreement and/or judgment to opine on that part of the asker's question.

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.