Divorce and the Hims 401(k) Plan: Understanding Your QDRO Options

Introduction

Dividing retirement assets can be one of the trickiest parts of a divorce. If you or your spouse participates in the Hims 401(k) Plan through Hims, Inc., you’re going to need a Qualified Domestic Relations Order (QDRO) to divide the account correctly and legally. A QDRO is the only way to ensure that the non-employee spouse receives their share of retirement funds without triggering taxes or penalties.

In this article, we’ll walk through everything you need to know about dividing funds in the Hims 401(k) Plan through a QDRO. That includes special 401(k) concerns like Roth balances, loan repayments, and vesting schedules. At PeacockQDROs, we’ve drafted many QDROs, and we don’t just hand you a document and walk away. We handle the entire process from start to finish—drafting, court filing, submission to the administrator, and final follow-up—because we know how crucial it is to get it right.

Plan-Specific Details for the Hims 401(k) Plan

Plan Name: Hims 401(k) Plan
Sponsor: Hims, Inc..
Plan Address: 2269 CHESTNUT STREET
Effective Dates: Plan began on 2018-01-01, current plan year covers 2024-01-01 to 2024-12-31
Organization Type: Corporation
Industry: General Business
EIN and Plan Number: Unknown (You will need to request this from the plan administrator as it’s required for the QDRO)
Plan Status: Active

Even though some plan details are not publicly available, that doesn’t stop us from managing your QDRO effectively. We work with plan administrators directly to confirm the specifics we need to complete the process smoothly.

How a QDRO Applies to the Hims 401(k) Plan

If you’re divorcing and either you or your spouse has an account in the Hims 401(k) Plan, a QDRO is required to divide the retirement assets legally. This court order tells the plan administrator how much to assign to each spouse and under what conditions.

Why You Need a QDRO

A QDRO avoids early withdrawal penalties and prevents tax consequences for transfers to the non-participant spouse, known as the Alternate Payee. Without a QDRO, the division isn’t legally recognized, even with a divorce decree.

Special QDRO Considerations for the Hims 401(k) Plan

1. Vesting Schedules for Employer Contributions

Like many corporate 401(k) plans, the Hims 401(k) Plan may have a vesting schedule for employer contributions. That means the employee only owns a portion of the employer’s contributions unless they’ve met certain service requirements. If your division order attempts to include unvested amounts, the plan may decline to distribute them.

When drafting your QDRO, you must:

Determine what portion of the account was fully vested as of the separation or division date
Clarify whether the alternate payee will receive only vested amounts or also a share of future vesting, if applicable

2. Handling 401(k) Loans

If the participant has taken a loan against their 401(k) balance, that loan reduces the account’s value. A key question in divorce is this: Should the loan balance reduce only the participant’s share, or should the reduction be split proportionally?

In many cases, courts and parties agree to assign the loan solely to the participant, but this must be clearly spelled out in your QDRO. The terms should state whether the alternate payee gets a slice of the gross account balance or the net balance after deducting the loan.

3. Roth vs. Traditional Account Balances

The Hims 401(k) Plan may offer both Roth and traditional (pre-tax) contributions. This distinction is critical. Roth contributions grow tax-free, while traditional 401(k) balances are tax-deferred. If your QDRO doesn’t distinguish between the two, the wrong kind of account could be created or taxed incorrectly.

A proper QDRO should:

Specify the division of each type of contribution separately
Clearly state whether the Alternate Payee’s portion remains within the plan or is rolled over to a compatible retirement account

Information You’ll Need for the QDRO

To complete a QDRO for the Hims 401(k) Plan, you’ll need to gather:

Participant’s name and address
Alternate Payee’s name and address
Specific division terms (percentage or dollar amount)
Plan name: Hims 401(k) Plan
Plan sponsor: Hims, Inc..
Plan administrator’s contact info (usually listed on plan statements or in the Summary Plan Description)
EIN and plan number (request from Hims, Inc.. HR or the plan administrator if not included in your paperwork)

What the QDRO Process Looks Like

Step 1: Drafting

The first step is getting accurate plan information and drafting the QDRO. This includes the proper language to split Roth and traditional funds, handle loans, and describe employer contributions.

Step 2: Pre-Approval (If Required)

Some plans offer or require pre-approval of the draft QDRO before going to court. At PeacockQDROs, we always check with the plan administrator to make this step easy.

Step 3: Court Filing

Once your QDRO is finalized, it has to be signed by the judge. This is a separate court order in addition to your divorce judgment.

Step 4: Submit to Plan Administrator

After the court signs the order, we send it to the plan administrator for implementation. If the order isn’t exactly right, the plan may reject it—costing you time and money. We handle this part directly to avoid delays.

Step 5: Distribution or Segregation

The plan administrator will transfer the awarded funds either into a new account under the plan (for the alternate payee) or to another qualified retirement account. Roth funds must go into a Roth account.

Avoid These Common Mistakes

QDROs for 401(k) plans like the Hims 401(k) Plan come with pitfalls. We’ve seen these errors too often:

Failing to distinguish between Roth and traditional accounts
Ignoring unvested employer contributions
Overlooking outstanding loan balances
Submitting incomplete or incorrectly formatted orders

Visit our guide tocommon QDRO mistakes to see how to avoid these costly errors.

How Long Does It Take?

The timeline varies depending on the court and the plan administrator, but most QDROs take 60 to 90 days if managed correctly. Factors like plan complexity and court review times can impact the schedule.

Why Choose PeacockQDROs

At PeacockQDROs, we’ve completed many QDROs from start to finish. That means we don’t just draft the order and leave you to figure out the rest. We handle the drafting, preapproval (if applicable), court filing, submission, and follow-up with the plan administrator. That’s what sets us apart from firms that only prepare the document and hand it off to you.

We maintain near-perfect reviews and pride ourselves on a track record of doing things the right way. Our experience with corporate-sponsored 401(k) plans like the Hims 401(k) Plan makes us a trusted choice for clients who need it done right the first time.

Learn more about our process here:QDRO services at PeacockQDROs.

Final Thoughts

Dividing the Hims 401(k) Plan in your divorce requires attention to detail. From employee contributions to Roth balances and loan offsets, every element must be addressed properly in your QDRO. With the right help, you can protect your retirement interests and avoid costly mistakes.

If your divorce was in California, New York, New Jersey, Connecticut, Kansas, Missouri, Iowa, or North Dakota, and you have questions about qualified domestic relations orders or dividing retirement assets like the Hims 401(k) Plan, contact PeacockQDROs. We focus on QDROs and have successfully processed many orders from start to finish.

Get the answers you need—explore ourQDRO resources orreach out for personalized help if you’re in one of our service states.

Your Attorney

William “Willie” Peacock, Esq.

QDRO & Retirement Division Attorney

Willie has handled hundreds of QDROs, been named as a stipulated or court-appointed expert in hundreds of orders, testified as an expert witness on QDROs and state government pension survivor benefits, and taught CLEs on QDROs, legal ethics, and military pensions. He is a three-time ABA award-winning legal author and secured a victory before the North Dakota Supreme Court. Full bio →

Licensed: CA · NY · NJ · CT · MO · KS · IA · ND

(888) 303-5399 Free consultation →

Avvo Profile Client Reviews

Need Help Dividing This Plan? We Can Help.

Our attorneys draft QDROs for 401(k) plans including this one. Free consultation.