What is my my right to use my 401k to pay outstanding debts before my divorce is final?
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What is my my right to use my 401k to pay outstanding debts before my divorce is final?
My wife has had an affair for the last year and a half. She has left twice, most recently this month to live with her boyfriend. She has been gone for a month and does not plan to return. I filed for divorce 2 weeks ago due to infidelity. My wife refuses to help out with any of the bills, house payment, utilities, overdue income tax debt, etc. I am unemployed and in a serious hardship situation. Can I use my 401k from my previous employer to pay down these debts and keep from losing my house to foreclosure?
Asked on July 31, 2012 under Family Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in this country you can pull money out of your 401 k retirement plan to pay off debt but would be subject to tax ramifications under the law for the pull out of the money.
I suggest that you consult further with an attorney that has experience in family and tax law about your matter.
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