My fiance's ex refused to sign papers to release his 401k when he switched jobs. They have been separated for almost 2 years and he wants to cash in his 401k but they want 2 signatures. What should he do? He hasn't worked for the company in over a year so the money is just sitting there and we need it. He is filing for divorce now.They have no kids or property together.
2006-10-23 09:08:41 · 5 answers · asked by Tammy D 1 in Family & Relationships ➔ Marriage & Divorce
Any assets acquired during marriage can be and most likely will be split between the two. Unless they can come to an agreement together or she signs the papers, if not then the lawyers and judge will have to work it out in court.
2006-10-23 09:17:10 · answer #1 · answered by Get_R_Done_n_Dallas 3 · 0⤊ 0⤋
The ex is not actually an ex until the divorce is final as far as retirement funds are concerned. The reason the ex has to sign off on it is because otherwise your fiance would cash it out to keep it from her... and that is illegal. After the divorce, and any domestic relations orders are processed, your fiance can take the distirbution.
2006-10-23 21:44:46 · answer #2 · answered by yah00geek 2 · 0⤊ 0⤋
I do not believe you can do anything about the 401K without her signature. You see, the company that holds the money in the 401K, does not want to let go of that money. His soon to be ex is entitled to half of only the amount deposited during their marriage, including when they were separated. Her entitlement is only marital. Good Luck!
2006-10-23 16:59:26 · answer #3 · answered by icemountian8 3 · 0⤊ 0⤋
How long were they married... if they were married for at least 5 years she can gat a portion. But if he waits to get it till after the divorce she can't touch any of it. Re: state of Illinois
2006-10-23 16:31:26 · answer #4 · answered by Bella 2 · 0⤊ 0⤋
Everthing will be split 50/50 depending if there is kids, and if so that is a hole new ball game.
2006-10-23 16:19:12 · answer #5 · answered by dan m 2 · 0⤊ 0⤋