Legal Question in Family Law in Illinois
401K Withdrawl- Divorce
I filed for divorce 6 months ago. About 3 weeks after I filed my husband was able to cash out his 401k without my permission. He took the tax hit and got a check for the remaining funds. I did not sign anything with his company's plan adminstrator. How likely is it that my signature was forged? He now is claiming that the money is gone. What is my recourse in your oopinion?
3 Answers from Attorneys
Re: 401K Withdrawl- Divorce
Well, if the money was marital assets (Extremely likely a portion was), and the funds were not used for marital needs, then that is dissipation, and the court will reduce his portion of the marital estate by that amount. In other words, you will get more of what is left to compensate.
Re: 401K Withdrawl- Divorce
Not likely the signature is forged.
You must go to the trial judge and get an order of reimbursement
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Re: 401K Withdrawl- Divorce
If the divorce case is still pending, this should be handled simply as part of the property division. Whether in his 401k or cashed this is "marital property." That's the easy way to do it. If it's been spent then you need to make a "dissapation" claim with the Court. I'm not sure whether or not you have a claim against the company...likely not.
Subpoena the 401k administrator and see the dates on when things happened. My big question would be did he close the 401k before he was served in the case?
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