What is the name of your state? Maine
My husband and I are filing for a no fault divorce. He has agreed to sign our mobile home over to me and I have agreed to give him one third of my 401K. There aren't any other assets or personal property involved. My question is, when he is given the portion of my 401K does he have to put it into a retirement account or can he take the penalties and spend it when he gets it? He is 50 years old and doesn't have any type of retirement plan and really needs the money now. He would be getting approx. $15,000.00. Please advise. Thank you.
My husband and I are filing for a no fault divorce. He has agreed to sign our mobile home over to me and I have agreed to give him one third of my 401K. There aren't any other assets or personal property involved. My question is, when he is given the portion of my 401K does he have to put it into a retirement account or can he take the penalties and spend it when he gets it? He is 50 years old and doesn't have any type of retirement plan and really needs the money now. He would be getting approx. $15,000.00. Please advise. Thank you.
