Don’t let your ex get your 401(k) in your divorceEye Spy Blog 1
Eye Spy discusses your ex’s entitlement to 401(k) in your divorce. If you are going through a divorce or you think your spouse might be cheating, there are things you can do to secure your financial future. By hiring Eye Spy to catch your spouse cheating you may save yourself $1000’s to millions of dollars. Adultery is a crime and there is something you can do about it.
Under the law of many states, a single act of adultery constitutes a crime, whereas in others, there must be an ongoing and notorious relationship. The punishment set by statute may be greater for an individual who engages in repeated acts of adultery than for one who commits an isolated act.
Defenses An individual who has been charged with committing adultery may have a valid legal defense, such as the failure or physical incapacity to consummate the sex act.
A woman is not guilty of adultery if the sex act resulted from rape. Some states recognize ignorance of the accused regarding the marital status of his or her sexual partner as a defense. In a few jurisdictions only the married party can be prosecuted for adultery. If the other party to the relationship is not married, he or she may be prosecuted for fornication instead of adultery.
Initiation of Criminal Proceedings Under some statutes, a prosecution for adultery can be brought only by the spouse of the accused person although technically the action is initiated in the name of the state. Other states provide that a husband or wife is precluded from commencing prosecution for adultery since those states have laws that prohibit a husband or wife from testifying against his or her spouse. In such states, a complaint can be filed by a husband or wife against the adulterous spouse’s lover.
Evidence Customary rules prescribe the types of evidence that can be offered to prove guilt or innocence. There must be a showing by the prosecutor that the accused party and another named party had sexual relations. Depending on state statutes, the prosecutor must show that either one or both parties to the adultery were wed to someone else at the time of their relationship.
Evidence that the defendant had the chance to have sexual relations coupled with a desire, or opportunity and inclination, might be sufficient to prove guilt. Photographs or testimony of a witness who observed the couple having sexual intercourse is not necessary. The fact that a married woman accused of adultery became pregnant during a time when her husband was absent might be admissible to demonstrate that someone other than her spouse had the opportunity of engaging in illicit sex with her.
If you have a 401(k), company life insurance plan or an IRA, do you even remember who is on the beneficiary form? Maybe you named two children and have since had a third. If anything happens to you, that third child would be cut out. Is your ex still hanging around, on paper? Did you name your parents or a sibling, back when you were single, and forget to name your husband when you married?
Over time, retirement plans can become a signficant pot of money. So make this your week to check the beneficiary forms for all your company and personal retirement accounts. Who did you name? Is that still OK? If not, change the names. And keep a copy in your files, so that you’ll always know who the beneficiaries are.
If you don’t name anyone on the beneficiary form, the money will be paid into your estate, to be distributed according to your will. In most cases, that’s a big mistake, because income taxes will be owed on the lump sum. By contrast, if you leave retirement money to heirs through the beneficiary form, they can roll the it into inherited IRAs. That defers part or all of the tax.
What about assets you hold in other accounts? You might have beneficiary forms for bank accounts, mutual funds, brokerage accounts and life insurance held outside of a company plan.
In this case, the laws of most states protect you from yourself. If you divorce, your ex-spouse will usually be removed automatically from the beneficiary forms. The money might go to the person you named as second beneficiary, or into your estate.
Still, it’s smart to correct these beneficiary forms. I don’t know the corners of every state law, and in some places an ex still might have a case.
The ex — or whoever is on the form — will always have a case, if it’s an IRA or 401(k). If you want to leave the money to a new spouse, or your kids, or siblings, or whatever, make sure that beneficiary forms are right.
Call the Michigan Private Detectives today at Eye Spy 888-393-7799 or www.eyespyinvestigations.com