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Answers in Legal

Financial laws are often complex and difficult to understand. Here you can find questions regarding how to interpret and navigate the legal realm when making important financial decisions.
0 votes
Tunc Tanin Level 10
Elizabeth, . You can't really cash your 401K while you are in chapter 13 and have the cash from 401k only apply to your your mortgage. Trustee has to follow the bankruptcy rules. Since you already lost your job and assuming you are single you may be ...(more)
2 votes
John Essigman Level 17
Hi Elizabeth. So sorry for your family troubles… Although losing your home is considered a financial hardship and may allow you to take a distribution from your 401(k), it will likely still be subject to the 10% penalty and will still be a taxable distribution. ...(more)
1 vote
Tunc Tanin Level 10
Hi Jacqueline, Just like they mentioned your question belongs to a lawyer. Every state has different rules in a situation like this, you may or may not have any rights. A divorce lawyer in your state can help you. As a financial advisor, we would be guessing ...(more)
2 votes
John Essigman Level 17
Hi Jacqueline, Very sorry to hear about your divorce and wishing you and your family a full recovery. I am not an attorney and am not qualified to give you legal advice. Joseph made some good points. However, it may not be applicable if the divorce ...(more)
1 vote
Joseph Gissy Level 16
Jacqueline, we need a little more information on your question. We may need to know exactly what you mean by "went through" such as did he cash it out, is he taking disbursements, is he saying you can't touch it? I can only give you generalities at ...(more)
1 vote
Tunc Tanin Level 10
You should get an attorney like John has suggested. The number of years on the QDRO order could be incorrect that does not mean it is fraudulent. There is great confusion in case law as to how the number of years in marriage is calculated and how years ...(more)
4 votes
John Essigman Level 17
Hi Jean, Very sorry to hear about your divorce and this just adds to the pain. First thing is that I am a financial advisor and not an attorney… So, I would recommend that you contact an attorney who specializes in pension law. Short of this, suggest ...(more)
0 votes
Tunc Tanin Level 10
I would like add that sometimes leaving a large 401k balance like 200,000K to 17 year old child could have unintended consequences. If the child receives the payment as lump sum, the child would have no chance of receiving need based financial aid. While ...(more)
0 votes
Tunc Tanin Level 10
I will add this from my experience. It is best to contact the fund company/pension plan first and to see if they have any requirements to be included in the QDRO order from the court. Don't talk to a lawyer first and then get the QDRO order and then try ...(more)
0 votes
Good post. Make sure you get the divorce decree as you will need that as well.
2 votes
With the divorce agreement, you should have what is called a Qualified Domestic Relations Order (QDRO). If you don't have it, work with your lawyer and they can provide that document. Without this document you will not be able to access your ex-husband's ...(more)
1 vote
David pretty much hit the nail on the head. Although you can hire a non attorney to prepare your QDRO, my suggestion would be to use a firm that has attorney's on staff. This is a legal document, that is used to acquire your portion of the ERISA qualified ...(more)
1 vote
great article to read .. http://www.forbes.com/sites/jefflanders/2012/06/13/how-divorcing-women-should-handle-retirement-accounts-and-pension-plans/
2 votes
Hi Donna, Wow, 10 years. This might have been very unfortunate for you because depending on state law and the wording of your divorce decree you might or might not be entitled to receive the gain on the investments within the 10 years. Also, the money ...(more)
1 vote
Hi Gladys, I do not believe the 401k will be distributed to your mother's estate because state intestacy laws do not apply to qualified plans. If you are the only child and your mother was not married, then the 401k should be distributed to you under ...(more)
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