I have just went through a divorce, just to tell you , my hubby was terrible to my children so don't defend him here please, anyway, I started divorce in January, my attorney knew of his 401k. It was a large sum. Now 6 months into divorce, he took a loan against it for $5000.00, bringing his total down...I only get half of his total now to date. Is that legal or did he borrow against something that should have been frozen ? and shouldnt that toal come off of his half, not mine? I mean what if he would have borrowed total amount. Isn't that illegal to do when divorce is in process? PLEASE HELP!!!
2006-10-17 17:45:36 · 2 answers · asked by bunnylatte 2 in Family & Relationships ➔ Marriage & Divorce
Your attorney should of put a freeze on his 401K. By not doing so, your ex had full access to withdraw from it. Since he took out $5,000 that will be claimed as an earned income at the end of the year and he will have to pay taxes on it. If he fails to pay, he can deal with the IRS.
2006-10-17 17:51:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Should have been frozen assets
2006-10-17 17:48:14 · answer #2 · answered by annastasia1955ca 6 · 0⤊ 0⤋