Divorce and the 401K

[ibjammin77]

What is the name of your state? GA

My wife recently informed me that she is moving out (to another state) and put in for a job transfer. She consulted a lawyer about a divorce...this was a surprise to me. She wants a non-contested divorce...we have 3 kids, a home, and she left me with all of it along with the financial responsibility to do it all myself...which I'm capable of doing. I've decided to go ahead with a non-contested divorce and to do it ourselves with the proper legal paperwork. She wants $30k from my 401k so she can pay off her debts and get a new start on life. She is forgoing taking half my 401k...whew! My plan will not allow me to take out a loan for that much money since I have an outstanding loan with the 401k...I can only take out $3k. A hardship withdrawal is out of the question since divorce isn't one of the prerequisites to allow it.

Can a QDRO be done in a non-contested (do-it-yourself) divorce?

Or even better, should she be due any money at all since she decided to leave on her own and I have the children and the home? I'd love to just get divorce her and let her fend for herself and let her pay her own debt off for walking out on us. We live in GA.

Or should I forget the non-contested divorce and just get an attorney and fight her on this? I non-contested divorce in GA can be a done deal in 31 days, while a contested divorce could drag on, of course. I'd prefer to get it over and done with.

Anyway...does anyone know the answer to this? tnx!

JCWhat is the name of your state?

 

[mistoffolees]

Or even better, should she be due any money at all since she decided to leave on her own and I have the children and the home? I'd love to just get divorce her and let her fend for herself and let her pay her own debt off for walking out on us. We live in GA.

Don't look a gift horse in the mouth. You're getting off incredibly easy, so find a way to give her the $30 K and move on with your life. I'd have paid many times that to be in the position you're in (getting the kids without a fight).

One thing to watch out for - your attorney should be able to handle this. If the divorce is too one sided (and yours seems to be), some judges won't authorize it - even if the parties agree. However, since you're taking the kids, one-sidedness in your favor may be OK.

 

[Ohiogal]

And he can still get child support. He actually SHOULD still ask for child support.

 

[nextwife]

And he can still get child support. He actually SHOULD still ask for child support.

And half of any child care costs, half of health insurance for the kids and half their copays, etc.

 

[MFinancier]

What is the name of your state? GA

My wife recently informed me that she is moving out (to another state) and put in for a job transfer. She consulted a lawyer about a divorce...this was a surprise to me. She wants a non-contested divorce...we have 3 kids, a home, and she left me with all of it along with the financial responsibility to do it all myself...which I'm capable of doing. I've decided to go ahead with a non-contested divorce and to do it ourselves with the proper legal paperwork. She wants $30k from my 401k so she can pay off her debts and get a new start on life. She is forgoing taking half my 401k...whew! My plan will not allow me to take out a loan for that much money since I have an outstanding loan with the 401k...I can only take out $3k. A hardship withdrawal is out of the question since divorce isn't one of the prerequisites to allow it.

Can a QDRO be done in a non-contested (do-it-yourself) divorce?

Or even better, should she be due any money at all since she decided to leave on her own and I have the children and the home? I'd love to just get divorce her and let her fend for herself and let her pay her own debt off for walking out on us. We live in GA.

Or should I forget the non-contested divorce and just get an attorney and fight her on this? I non-contested divorce in GA can be a done deal in 31 days, while a contested divorce could drag on, of course. I'd prefer to get it over and done with.

Anyway...does anyone know the answer to this? tnx!

JCWhat is the name of your state?

I highly recommend you have all you finances analyzed and legitimate budgets prepared before you start dividing up your finances. You have a lot on the table here..a home, three kids, etc. Take your time and do it right...or you'll be back in court later trying to straigthen things out...and you won't end up saving much money overall. Look at your support needs, cash flow, taxes, deductibles and income potential for both of you. Have a qualified attorney draw up the QDRO...contested or not. Done improperly the taxes could bite you. Good luck.