401K Distribution

[mdavisab]

What is the name of your state (only U.S. law)? North Carolina

I was just recently awarded a sizeable amount of my ex wifes 401k, however I don't remember the judge stiupating a time limit as to how long my ex wife has to do this. Is there a standard time limit and if not, how should I go about making this happen. It was just awarded last week.

 

[mistoffolees]

What is the name of your state (only U.S. law)? North Carolina

I was just recently awarded a sizeable amount of my ex wifes 401k, however I don't remember the judge stiupating a time limit as to how long my ex wife has to do this. Is there a standard time limit and if not, how should I go about making this happen. It was just awarded last week.

One of you will have to have a QDRO drafted. If the court order doesn't say which of you is responsible, then you should do it in the interest of getting things into your control quickly. If the court order says that she is to do it, it should give a time frame. If there is no time frame, ask her after 30 days. If she hasn't done it (and shows no sign of doing it), go back to court for an order on timing.

Do NOT take a distribution from the 401k (which is what your title suggested). Instead, have the money transferred directly into an IRA or other tax-deferred account. If you take the distribution, you're going to get slammed with taxes and penalties.

 

[LdiJ]

One of you will have to have a QDRO drafted. If the court order doesn't say which of you is responsible, then you should do it in the interest of getting things into your control quickly. If the court order says that she is to do it, it should give a time frame. If there is no time frame, ask her after 30 days. If she hasn't done it (and shows no sign of doing it), go back to court for an order on timing.

Do NOT take a distribution from the 401k (which is what your title suggested). Instead, have the money transferred directly into an IRA or other tax-deferred account. If you take the distribution, you're going to get slammed with taxes and penalties.

I most sincerely echo this advice. Roll it all over into a qualified account of your own, and then afterwards, if you truly need some of the money right away, take out just what you need.

 

[Bali Hai]

I most sincerely echo this advice. Roll it all over into a qualified account of your own, and then afterwards, if you truly need some of the money right away, take out just what you need.

If he truly needed some money right away, his ex-wife should be paying alimony just like any man would be under the same conditions.

 

[LdiJ]

If he truly needed some money right away, his ex-wife should be paying alimony just like any man would be under the same conditions.

How do you know that he makes less money than she does? All that this post indicates is that he is getting a share of her 401k. That may simply mean that she is a better saver than he is.