Anonymous
01/02/2020 22:16
Subject: Withdrawing money from 401K/retirement account before divorce-- implications?
OP, I am divorcing now and my spouse thinks his 401k is only his (I am not rich though).
My understanding is that if he withdraws money now, he MAY be ordered to pay half of what he had before withdrawal, but only if I prove he withdrew, etc. If I don’t fight for it, he will absolutely get away with it.
Depends on how amicable your divorce will be. I think they can’t make you pay him more than half if you disclose that you have a 401k and the amount as of the date of separation (ie you don’t lie you don’t have one). Your H in theory may not care to investigate.
My understanding is that if he withdraws money now, he MAY be ordered to pay half of what he had before withdrawal, but only if I prove he withdrew, etc. If I don’t fight for it, he will absolutely get away with it.
Depends on how amicable your divorce will be. I think they can’t make you pay him more than half if you disclose that you have a 401k and the amount as of the date of separation (ie you don’t lie you don’t have one). Your H in theory may not care to investigate.
Anonymous
01/02/2020 21:34
Subject: Re:Withdrawing money from 401K/retirement account before divorce-- implications?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:OP here, so what will happen with the money that has been withdrawn and cannot be traced to a bank account?
you won’t be able to withdraw without his consent.
This isn’t universally true; it depends on the plan rules. Check with your plan.
It is extremely rare to have a plan that is a REA Safe Harbor Plan.
IDK rare or not. I just know I happen to have been in two of them, with two different employers.
Anonymous
01/02/2020 20:35
Subject: Re:Withdrawing money from 401K/retirement account before divorce-- implications?
Anonymous wrote:Anonymous wrote:Anonymous wrote:OP here, so what will happen with the money that has been withdrawn and cannot be traced to a bank account?
you won’t be able to withdraw without his consent.
This isn’t universally true; it depends on the plan rules. Check with your plan.
It is extremely rare to have a plan that is a REA Safe Harbor Plan.
Anonymous
01/02/2020 20:07
Subject: Re:Withdrawing money from 401K/retirement account before divorce-- implications?
Anonymous wrote:Anonymous wrote:OP here, so what will happen with the money that has been withdrawn and cannot be traced to a bank account?
you won’t be able to withdraw without his consent.
This isn’t universally true; it depends on the plan rules. Check with your plan.
Anonymous
01/02/2020 19:39
Subject: Re:Withdrawing money from 401K/retirement account before divorce-- implications?
Anonymous wrote:OP here, so what will happen with the money that has been withdrawn and cannot be traced to a bank account?
you won’t be able to withdraw without his consent.
Anonymous
01/02/2020 16:41
Subject: Re:Withdrawing money from 401K/retirement account before divorce-- implications?
Anonymous wrote:yes, but if OP leaves to never come back to the USA for example, the other spouse cannot do anything.
Why do you keep ignoring that OP cannot withdraw the money without the spouses consent? All this speculation is moot because the spouse is not going to agree unless it’s to withdraw and give them their half.
Anonymous
01/02/2020 16:37
Subject: Re:Withdrawing money from 401K/retirement account before divorce-- implications?
yes, but if OP leaves to never come back to the USA for example, the other spouse cannot do anything.