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.
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