What is the name of your state? California
My husband's company is going out of business, so something will have to be done with the 401K account. I will be divorcing my husband, although I have not filed for divorce yet. I live in a community property state, so I am entitled to half of the 401K. Is it possible to roll half of it over in an IRA in my name, and half of it in an IRA or some other type of account in his name without penalties? He says that because he was the wage earner, it has to stay in his name, and he plans on putting it in some type of account that he would have access to the funds and I would not. He has given me a form to sign saying that I OK the 401K funds being sent to an account in his name, should I sign?
My husband's company is going out of business, so something will have to be done with the 401K account. I will be divorcing my husband, although I have not filed for divorce yet. I live in a community property state, so I am entitled to half of the 401K. Is it possible to roll half of it over in an IRA in my name, and half of it in an IRA or some other type of account in his name without penalties? He says that because he was the wage earner, it has to stay in his name, and he plans on putting it in some type of account that he would have access to the funds and I would not. He has given me a form to sign saying that I OK the 401K funds being sent to an account in his name, should I sign?