401k

[mpfups]

What is the name of your state? Md

I've asked this question on here before but never got an answer that really answered my question...

My ex & I have joint custody of the kids, 50-50 right down the line..However she wants half the 401K plan which shes entitled to....My lawyer told me to pay her the half now so she cant get anymore later....However the payment is due on the 16th & i cant come up with the money by then to pay her out of pocket....My 401K wont let me do an early withdrawal either....My ex has ruined my credit so its doubtful I can get a loan & i dont have enough on a life insurance policy to pay her from that....So if she pays to go before a judge to get this will they enforce this right away or can i give her $$$ in increments??

 

[VeeGee]

That will depend on what it says on the divorce decree. If it says she gets half now...than you will have to give her the half now. Unless, she agree's to payments over time...and I'm pretty sure that will have to go before the judge to modifiy the decree. I'm really not sure, your better off waiting for someone who knows the law to answer your question. I hope this helps you some?

 

[mpfups]

All we have now is a consent order....I have no idea what a divorce decree is unless it is this consent order but we cant be legally divorced until after August 1st (Md you have to seperated for atleast a year before filing for divorce)..

Thanks but could use some more help if possible

 

[VeeGee]

All we have now is a consent order....I have no idea what a divorce decree is unless it is this consent order but we cant be legally divorced until after August 1st (Md you have to seperated for atleast a year before filing for divorce)..

Thanks but could use some more help if possible

The divorce decree is the divorce papers the judge signs and stamps when divorce is finalized. Keep those papers in a very safe place, you may need to refer to them in the future. If your not divorced yet...make sure you have your lawyer put on the decree all and any changes as you want them now. After the signs those papers, whatever it says is what you must obide by. As far as the consent order...I don't know what that is lol. So if you want to give your wife half your 401k now, make sure that is on the divorce decree before your divorced. If you want to make payments over time because you can't come up with all the money now...have the lawyer put that in the decree now. If she disagree's with anything you put on those papers...she will put what she wants and the papers can go back and forth for some time. Mine did...I didn't agree with anything my ex had on his papers, so we played the back and forth game for a couple of months. But somewhere down the road you both must come to some kind of agreement. If you can't, then leave it up to the judge??? Good luck

 

[mpfups]

The consent order stipulates on it all the times I have the kids & when she gets them & the use & possesion of the house,cars, etc etc...

It does say on it that i will pay her half her interest of my 401K by July 16th...We are NOT divorced yet..I guess this is what you call a seperation agreement but it was signed by a master & a judge...We cant do the FINAL divorce until after Aug 1...

 

[annefan]

One question to the poster:

Do you mean your divorce can be finalized after August 1 or do you mean you've been separated for one year on August 1?

 

[mpfups]

Annefan - After August 1 we will have been seperated a year & the divorce can be finalized

 

[annefan]

Have you informed your employer of the consent order? If you haven't, they might make provisions for an early withdrawal in order to pay the settlement. However, it may not release you from having to pay early disbursement penalties and taxes.

 

[malealwaysloses]

What is the name of your state? Md

I've asked this question on here before but never got an answer that really answered my question...

My ex & I have joint custody of the kids, 50-50 right down the line..However she wants half the 401K plan which shes entitled to....My lawyer told me to pay her the half now so she cant get anymore later....However the payment is due on the 16th & i cant come up with the money by then to pay her out of pocket....My 401K wont let me do an early withdrawal either....My ex has ruined my credit so its doubtful I can get a loan & i dont have enough on a life insurance policy to pay her from that....So if she pays to go before a judge to get this will they enforce this right away or can i give her $$$ in increments??

QDRO is in order. Tough darts for the one that needs the money on the 16th. Let her haul you in...she will get nowhere. A QDRO is how it is handled...the courts are aware of this. Don't sweat it.

 

[mpfups]

Well she also wants half my pension & i know that is taken care of with a QDRO so is 401K the same way? I wonder why my lawyer stated that i should pay her now instead of gettinga QDRO when i retire in like 25 years...LOL

 

[malealwaysloses]

This is from a Q&A board:

http://www.qdrorder.com/faqs.asp#a5

It's always a good idea to do some homework along with the lawyer It may not want to be the answer you want here, but read:

Answer: My attorney arranged for court-approval of my QDRO, is that all that is needed for the order to be a QDRO? No. A domestic relations order is not a Qualified Domestic Relations Order unless the order has been approved by the plan administrator and it is court-approved. If a court-approved order is not acceptable to the plan administrator, it must be revised until it is acceptable to the plan administrator and re-entered by the court. Many plan administrators will pre-approve a QDRO before it is entered by the court, which avoids the extra cost of re-entering the order by the court in the event revisions are necessary. Ask your QDRO Specialist or attorney to have your QDRO pre-approved. If you come to us for your QDRO, it will always be pre-approved by the plan administrator when permitted.