2006-06-20 04:01:23 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You can't, only your ex can. And then there may be penalties, and if your ex wasn't "vested" there may not be any money coming from it at all.
2006-06-20 04:12:38 · answer #1 · answered by Waferette 3 · 0⤊ 0⤋
You are not legally allowed to cash out your ex's 401k.
401k plans are individual retirement accounts that are setup and administrated through the employer.
If you are divorced and part of the settlement is a portion of your ex's 401k, you need a legal document, called a QDRO
(Qualified Domestic Rations Order) in order to access any of your ex's account. You will need a lawyer.
If your ex "promised" you a portion of his/her 401k, then they would have to withdraw it from their own account.
Be aware that the government punishes those who withdraw money from a 401k with a 10% penalty fee on withdrawals. Also, you will owe federal and state income tax on any money that is withdrawn from a 401k. Example, if you take out $10,000 and you are in the 20% tax bracket, you will pay $2000 in income taxes, a penalty of $1,000 (10%) and you will only be left with $7,000.
2006-06-20 11:15:37 · answer #2 · answered by ps2754 5 · 0⤊ 0⤋
why you wanna go and do that?? (like T.I.)
you tryin' to do your ex dirty? that's his money.. leave him alone
2006-06-20 11:21:30 · answer #3 · answered by do it movin' 1 · 0⤊ 0⤋