Concerning California Law:
I am been is a divorce settlement dispute for 4 years. About 2 years ago I started a new job. I am participating in the companies 401K plan. I do not want to enter my spouse as beneficiary of any percentage. If I leave the beneficiary designation blank, if I get run over by the beer truck will the distribution be guided and wishes stated in my will or just go to my spouse.
Thank You
Mark
San Diego,CA
Answer
The money will go to your estate and then to your heirs. Do you have any children? Are your parents alive or do you have siblings?
Answer
I think the dissolution can be bifurcated such that a decree of dissolution can be entered even though the Marital Settlement Agreement isn't completed (not sure, this isn't my area). You should talk to your divorce lawyer about this. It's not ideal to leave the beneficiary blank. I'm not so sure your spouse wouldn't have a claim, but even if your will controls the disposition, the estate might have to be probated for your heirs to collect.
Answer
There is no reason apparent why you should leave the beneficiary portion blank.
Answer
I also think you can bifurcate your dissolution case. That way you will be divorced while the property settlement is finalized. As Ms. Cusak has said, you need to speak with your divorce attorney regarding this. If your beneficiary designation is left blank, it will be distributed to your estate. Your wife could still have a claim on this. However, since you have stated that you started your job two years ago and the property settlement has been in the works for four years, it sounds likely that you began to acquire this asset after the date of your separation. Your 401K may than be your separate property, meaning that your wife would not have a community property claim on it. Again, you should check with your divorce attorney on this.
It is never a good idea to leave the designation blank. You could designate the same beneficiaries as you have in your will.
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