What is my my right to use my 401k to pay outstanding debts before my divorce is final?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 8 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption