This is my first post here. I stumbled across this forum while searching for information on the topic. I am not from North Carolina but I’m hoping someone knowledgeable will be able to help.
Here’s the situation: been married 20 years. Lots of unhappiness the last few years and husband has threatened divorce several times. Obviously I’m not feeling secure in the marriage. He took a new job a year ago and we were both advised at that time by our financial planner that it would be best to roll 401k funds over to a more secure plan since he no longer is employed there.
So now he’s moving ahead with that. And I have to sign an authorization. My concern is that the money is going into a traditional IRA. I’m not savvy on this stuff but from what I’ve read, IRA’s allow the owner to change beneficiary anytime and they aren’t necessarily split 50/50 in event of divorce. He met with the financial planner without me to discuss specifics so I have a hunch he is trying to hide something.
I’ve heard 401k is a “qualified” fund and IRA’s are not but I don’t really know what that means. By the way, we are not from a community property state. Does moving the money into a traditional IRA put me at risk in event of divorce? Thanks