WHAT CAN HAPPEN IF A RETIREMENT PLAN IS NOT INCLUDED IN THE DIVORCE ORDERS?
This one comes up a lot. Leaving a retirement or investment account out of the divorce paperwork can be a disaster. If you catch it early, it is fairly easy to fix but do not wait.
The main problems are:
1. If the account (401k, etc.) is not included in the divorce decree, some plans won't divide it so you can get to it; that is especially true of certain types of retirement accounts. AND:
2. If the account in just one party's name, that party may be able to drain the account. Good luck getting the money back. If you are the party with the account, DO NOT take money out until you have consulted with a lawyer and tax professional.
Call me and I can assist you in adding to the final orders to make dividing retirements and other accounts one less thing to worry about.