Are pensionsand 401K’s considered assets or income for purposes of a divorce settlement?

Get Legal Help Today

 Secured with SHA-256 Encryption

Are pensionsand 401K’s considered assets or income for purposes of a divorce settlement?

I was married 32 years andwas mainly a homemaker, as my husband did not want me to work. I did occasional part-time odd jobs for extra income. He divorced me and I received a part of his pension and 401K, as well as some alimony with no time limit on it. He’s turning 62 soon and plans to retire and wants to stop the alimony payments. He has much more than I do in income and assets but says that I can live off what I received at the divorce. I thought the pension and 401K were assets not income. Will the Court make me live off this and stop my alimony? It won’t last long.

Asked on February 20, 2011 under Family Law, Massachusetts

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Generally speaking, his pension and 401K are assets of the marriage for distribution in the divorce and should have been listed as such in your agreement or decree.  They are not necessarily income.  If the alimony that was awarded to you had o limit in time then it should not stop.  Was it called "permanent" alimony?  How it was termed will matter.  Now, he can try and ask for a modification of your alimony payment once he retires claiming a change in financial circumstances.  You may then have to re-litigate the matter showing his assets are more than yours. I would speak with an attorney in your area and bring your paperwork from your divorce.  Good luck to you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption