Legal Question in Family Law in Virginia

401K loan an asset

I would like to know prior rulings in divorces concerning a loan on a 401K plan. My husband got a loan on his 401K to pay off his debts prior to our separation. I had credit card debt. For his loan, all monies go back into your 401K including interest. should this be considered an asset since the payment is received back into your account? For example, 67,000 shows as the total amount in account with 10,000 loan bringing true actual balance to 57,000. I don't know if this should be an asset or not, but he and his lawyer won't consider my 14,000 in credit card debt stating they didn't consider his debt yet the figure they use is the 57,000 for calculating applicable 401K totals. Thank you.


Asked on 4/19/04, 9:06 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: 401K loan an asset

As the monies for the loan are payed back into your husband's 401K, which you have identified as a marital asset, your claim to them should accrue, accordingly. (Surely, your counsel must have an opinion on this.)

Read more
Answered on 4/19/04, 10:06 am


Related Questions & Answers

More Family Law, Divorce, Child Custody and Adoption questions and answers in Virginia