Retirement Account/Bank Accounts

[Double A]

What is the name of your state? California

Is my retirement account protected if I owe back child support? I am not yet receiving it nor do I plan on cashing it out until I retire. Also, what type of bank accounts are protected from being levied? Any help would be appreciated.

 

[Ohiogal]

All I am going to say is your retirement is protected. To otherwise avoid supporting your child -- I refuse to help. How about being a grown up and actually support the child you helped create.

 

[Gracie3787]

What is the name of your state? California

Is my retirement account protected if I owe back child support? I am not yet receiving it nor do I plan on cashing it out until I retire. Also, what type of bank accounts are protected from being levied? Any help would be appreciated.

Any bank account with your name on it is subject to levy. This includes joint accounts and any accounts that you have a POA on.

I agree with OG, you need to make arrangements to pay any CS owed, it will NOT go away- EVER.

 

[escape2paradise]

OG correct me if I'm wrong here. I realize his retirement account monies are protected right now. Once he starts drawing on that money isn't the money taken out subject to garnishment. It's been a long time, but I thought there was a way for some type of lien to be put on the money so that once he starts to draw it, it can be taken for support.

 

[escape2paradise]

I found this link which does not refer to CA, but WA.

http://www.drs.wa.gov/member/Publications/legalOrderAffect.htm

I used to be a financial advisor and had to deal with this issue a couple of times. From what I remember, in talking with various retirement plan administrators a court order can be obtained to force a CS obligor to pay up out of his/her retirement account. The terms of the order have to be in line with the plans rules. I think it is a QDRO same as what a spouse uses to obtain their half of a retirment plan in a divorce settlement. What I don't remember is whether or not the obligee could get the money right away or had to wait until the obligor started pulling the money out.

 

[LdiJ]

I found this link which does not refer to CA, but WA.

http://www.drs.wa.gov/member/Publications/legalOrderAffect.htm

I used to be a financial advisor and had to deal with this issue a couple of times. From what I remember, in talking with various retirement plan administrators a court order can be obtained to force a CS obligor to pay up out of his/her retirement account. The terms of the order have to be in line with the plans rules. I think it is a QDRO same as what a spouse uses to obtain their half of a retirment plan in a divorce settlement. What I don't remember is whether or not the obligee could get the money right away or had to wait until the obligor started pulling the money out.

I am 99% certain that they have to wait until the money starts being withdrawn. Even the IRS cannott take money out of retirement accounts, nor can a bankrupcty court, therefore I cannot imagine that child support would be able to do so.

 

[purelyinsane]

Well if a Judge wants to they can take money from any account that you own. But if you are behind and work out a payment plan and stick to the plan I don't see any reason why they would take money from your bank accounts. Or retirement for that matter. Also the IRS will take your tax refunds at the end of the year too. I was mad at first when ours were taken but i'm kinda glad now because it really helps. So you could always count on that to help you out.

 

[Ohiogal]

Well if a Judge wants to they can take money from any account that you own. But if you are behind and work out a payment plan and stick to the plan I don't see any reason why they would take money from your bank accounts. Or retirement for that matter. Also the IRS will take your tax refunds at the end of the year too. I was mad at first when ours were taken but i'm kinda glad now because it really helps. So you could always count on that to help you out.

QUIT QUIT QUIT. You dont' know what you are talking about and you need to quit.