Q: What happens if husband withdraws 401k money before wife files for divorce in NY?
What happens if a husband knows wife is going to ask for divorce so he files retirement and gets 401k at age 60 to get funds before divorce is filed
A: "Wasting" a marital asset in contemplation of divorce brings the asset back into equitable distribution in total. The husband can be held liable for any penalties/taxes due to him withdrawing early.
A: Whether the funds are held in a 401(k), a bank account, or cash they remain a marital asset subject to equitable distribution. A Court would certainly frown upon this type of behavior and would likely hold the husband liable for any early withdrawal fees, penalties, and additional taxes incurred.
A: See the additional answers given on your repost of this question.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
