Legal Question in Family Law in New Jersey
borrowing from annuity fund
Is there any way to access my half of my annuity fund to pay for legal fees after a divorce case is settled? My union representative states that there are only 4 reasons to borrow: death in family, first time home, college expenses or major medical expenses. The only other way to get it is to be out of work for 6 months. Can my attorney and/or my wife's attorney sue me for this money after our divorce case is settled if I am ordered to pay her legal fees?
2 Answers from Attorneys
Re: borrowing from annuity fund
The answer is not clear, I would need more information to be able to tell you anything definite.
Do you have a lawyer helping you? If you do and the lawyer does not answer your question, get another lawyer!
Taking money from your retirement can cost you a lot in taxes and penalties.
Please call me if you would like me to assist you. I am in Hackensack, right across from the Bergen County Courthouse.
My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru. This website, LawGuru, will NOT let me list my phone number in this response.
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Re: borrowing from annuity fund
Taking money out of an annuity may have tax consequences. You might consider giving up an additional portion of your annuity so that she gets in her share her attorney's fees. Than she can worry about getting the money out of her share of the annuity.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
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