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401k

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M

mggs

Junior Member
What is the name of your state? NY

I am to receive half of my X's 401k. Is there anyway he could screw this up? He's very angry and vengeful about the divorce.
 


LdiJ

LdiJ

Senior Member
mggs said:
What is the name of your state? NY

I am to receive half of my X's 401k. Is there anyway he could screw this up? He's very angry and vengeful about the divorce.
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Well, he could withdraw the money before you get the QDRO done to split the account. Light a fire under your attorney to get that done ASAP.
 
M

mggs

Junior Member
The 401k is with the attorney now. She is in the process of preparing it. I don't understand how he could withdraw the money when he had to show evidence of what was in the 401k
 
LdiJ

LdiJ

Senior Member
mggs said:
The 401k is with the attorney now. She is in the process of preparing it. I don't understand how he could withdraw the money when he had to show evidence of what was in the 401k
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Legally he cannot. However, for all practical purposes until his employer has documentation (the QDRO) stating that the account has been divided he CAN withdraw the money and do who knows what with it. He would be stupid to do so, because not only would he have to pay tax on the money, but he would also have to account for it when you took him to court for contempt.

However seriously angry people have been known to do seriously stupid things. You asked if there was anything that he could do to mess it up...and that's something that he could do. Hopefully, he won't be that stupid.
 
B

Bali Hai

Senior Member
LdiJ said:
Legally he cannot. However, for all practical purposes until his employer has documentation (the QDRO) stating that the account has been divided he CAN withdraw the money and do who knows what with it. He would be stupid to do so, because not only would he have to pay tax on the money, but he would also have to account for it when you took him to court for contempt.

However seriously angry people have been known to do seriously stupid things. You asked if there was anything that he could do to mess it up...and that's something that he could do. Hopefully, he won't be that stupid.
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You have no idea whether the 401k plan has an early withdrawl option or not.

Generally, people just can't have access to those funds like they do their bank accounts!!

Furthermore, OP's ex should make damn sure that the QDRO is accurate per the divorce decree. Joe Slick lawyer will try to get more than the client deserves and since OP is a woman, the court will go right along with that bullsh!t!
 
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