Legal Question in Family Law in New York
Qdro
I am at the last stages of a divorce and my ex was ordered to pay me 12000 from her 401k(I had also been contributing to her 401k in addition to her employer)which will be done in a QDRO. I am only 35-does this money have to be rolled into my police pension and limit my access to it or is there a way for me to access to these funds when the QDRO is done. Funds are extremely low because of the divorce and have bills I would like to pay off with the money.
2 Answers from Attorneys
Re: Qdro
The only limitation on the way you can access the $12,000 would be the rules of the 401k plan. Most plans allow you to roll money over into any other tax deferred investment plan or to withdraw the money in cash.
However, if you take the cash, you may face tax consequences including a penalty. For the ways this could affect you, consult your accountant.
Re: Qdro
The only limitation on the way you can access the $12,000 would be the rules of the 401k plan. Most plans allow you to roll money over into any other tax deferred investment plan or to withdraw the money in cash.
However, if you take the cash, you may face tax consequences including a penalty. For the ways this could affect you, consult your accountant.
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