White Plains, NY asked in Divorce for New York

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

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3 Lawyer Answers
Nina Mironenko
Nina Mironenko
Answered
  • Huntington, NY
  • Licensed in New York

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.

George E. Patsis
George E. Patsis
PREMIUM
Answered
  • Lindenhurst, NY
  • Licensed in New York

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.

Lawrence Allen Weinreich
Lawrence Allen Weinreich
Answered
  • Garden City, NY
  • Licensed in New York

A: See the additional answers given on your repost of this question.

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