S8 Ep95: Should I Stop Contributing to 401k Before Divorce?

#ChooseGoldman When facing a divorce, many people consider altering their financial strategies, including stopping 401k contributions. In this episode, our attorneys discuss why this might be a detrimental move and how courts view such actions. • Stopping your 401k contributions can be viewed by the court as an attempt to manipulate your income in anticipation of divorce. • The money that is not contributed to your 401k is still considered marital income, it just becomes taxable to you immediately. • Generally, you do not gain a strategic advantage by pausing your regular retirement contributions, as the funds are still subject to division. • All income earned during the marriage must be accounted for, regardless of whether it goes into a retirement plan or a bank account. • It is almost always advisable to maintain your normal financial habits until you have consulted with your family law attorney. Download Divorce & Custody Survival Guide. Click here: https://akivagoldman.com/free-legal-ebook/ Schedule Your Complimentary Phone Consultation: https://app.acuityscheduling.com/schedule.php?owner=17105687&appointmentType=18529428 For more information: https://akivagoldman.com/michigan-divorce-lawyer For additional information, watch these videos: Should I Stop Contributing To My 401(k) If I know I Am Going Get Divorced - https://www.youtube.com/watch?v=krtqjcUVa6E Should I Cash Out My 401(k) Before Filing For Divorce - https://www.youtube.com/watch?v=qXuPnaWafQY Visit us at ChooseGoldman.com #Goldmanandassociateslawfirm #ChooseGoldman #ChooseGoldmanLaw #FamilyLaw #DivorceAdvice #MichiganLaw #FinancialPlanning #Retirement