Legal Question in Family Law in New Jersey
Divorce & 401K distribution
I'm getting divorced and I want to know if I can withdraw all of my vested 401K money, pay any penalty then split it with my spouse. If its possible to do that, what type & amount of penalty(s) would be applicable?
1 Answer from Attorneys
Re: Divorce & 401K distribution
I would suggest that you consider all of the marital assets and that you distribute the assets in the least costly fashion; you may be able to give your spouse her entitlement to share in the 401k from another asset. Also you should confer with the administrator of the 401k. You may be able to roll the 401k into two 401ks.
In any event you should speak to the administrator of the 401k for advice as to how much the penalty will be and how it can be avoided.
You should have the services of an attorney in making decisions regarding the divorce. Don't be pound foolish.
Gary Moore, Esquir4e
Hackensack, New Jersey
800 273 7933
www.garymooreattorneyatlaw.com
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