Do I have to wait until he turns 59? Will I have to pay taxes on the amount I receive? We were married 23 yrs. He was with the same company for 24 yrs. How will the judge in Louisiana split this income?
2006-10-26 00:58:58 · 8 answers · asked by greeneyes 3 in Business & Finance ➔ Personal Finance
I taught school for l6 years. I lost my job everytime we moved for his promotions.
I got demotions. He made me take my retirement money out each time we changed states. We lived off of my retirement money until I found another teaching job. I stayed home with our 3 kids off and on when we moved each time. So he has a 23 yr. straight career with the same company. I had to withdraw my retirement each time and start over. My resume looks horrible because I have moved so many times for his job. I am only 45. He has just moved my kids to South Florida. I can't afford to live alone on teacher's pay. Its not fair. He makes all the bucks and I made all the sacrifices. I lost my friends and jobs. His resume looks like he is stable and stays with one company. Mine looks like I could move anytime. I also put up with his abuse. So all of you men out there judging me....kiss it.
2006-10-26 01:16:29 · update #1
Louisana has different rules that every other state. There should be a statute that defines what you get.
Since you are in a community property state you are entitled to half the value of all assets earned during the marriage. This does not mean he has to give you half of his 401k. This means that your entire settlement will equal half of the value of ALL assets.
You MUST get a qualified attorney. Do not use his. Get your own. Yes it costs money. But it will be worth it.
2006-10-26 04:53:52 · answer #1 · answered by bride2be091507 2 · 0⤊ 0⤋
If the judge has already issued a "qualified domestic relations order (QDRO) then it will not take long. Make sure that the retirement planprovider is notified immediately of the order and the paperwork is sent to them. Be sure to let them know that this may be upcoming, otherwise you often times see the the person withdraw the account before the order is sent to the provider. If they know of an impending QDRO, all distributions will be frozen and they will know to be on the lookout for your sneaky husband. You will have to pay income taxes plus a 10% penalty tax if you take the distribution prior to age 59.5. Best of luck
2006-10-26 14:37:08 · answer #2 · answered by yah00geek 2 · 0⤊ 0⤋
I think you're really going to need a tax accountant for this. Here's the scoop: I suspect you will NOT be able to roll this over to a retirement plan for you. I also suspect because you can't roll it over, one of you will be subject to paying HEFTY taxes - about 30% - for early withdrawal. I suspect that tax will come out of YOUR half. That's why I think you need a tax accountant.
Lots of luck.
2006-10-26 01:34:18 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
If you're getting a divorce without a lawyer to answer these questions, it's simple. You shouldn't count on getting anything.
2006-10-26 01:07:20 · answer #4 · answered by Nomadd 7 · 0⤊ 0⤋
you go to a divorve court and you can push it thorugh asap, just get yourself a lawyer and he will get on with it, could take up to a year and the courts will decide how much you`ll be entitle too!
2006-10-26 01:02:48 · answer #5 · answered by JAMES P 2 · 0⤊ 1⤋
What about your 401K, savings, etc. Will you be required to split it with him as well?
2006-10-26 01:03:20 · answer #6 · answered by My Evil Twin 7 · 0⤊ 0⤋
why is he required to give you half of his 401k? did you work for him? that sounds kinda odd they would ask him to split that
2006-10-26 01:05:30 · answer #7 · answered by A G 1 · 0⤊ 0⤋
surely you have an atty if you are getting a divorce and he/she can answer this......no one knows what a judge will ultimately do........good luck!!!!!!!!
2006-10-26 01:03:26 · answer #8 · answered by hepette 3 · 0⤊ 0⤋