Hi there. I have unfortunately come to the conclusion that my spouse and I are no longer able to remain married. My question is this, he has a large amount of money in a 403b I think it is. He is fully vested, and all of this money was earned during the marriage. In my state I understand that I am entitled to at least a portion of it, if not half. Does that mean that the account will be liquidated and I will recieve cash? I will need it to establish a new place to live. Thank you.
2007-01-15 14:46:35 · 5 answers · asked by whissp_4u 1 in Business & Finance ➔ Taxes ➔ United States
Im sorry I wasnt clear. I guess what I am asking is, will I be able to get it in lump sum form, or have to keep it as a 403 until I retire. Thanks!
2007-01-15 15:00:13 · update #1
You need an attorney who can work out a property settlement that meets your needs. It may not be best to cash out the 403b. The attorney can look at all assets and what you want, and propose a settlement that is best for you. Perhaps your spouse can buyout your part of the 403b with cash, for example.
2007-01-15 15:46:05 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
Make sure that you have all the information before you split. Get a really good lawyer. You will possibly get a choice. It doesn't all get liquidated. What can happen is that either you get your portion now, and his portion stays there and continues to grow. OR yours can stay there too until you reach a certain age, or he retires. I have a male friend who got the last laugh on that one. His ex took the money, he retired 10 years later with more than 2x what she took, because it continued to grow. It also does depend on how long you were married. Do you have children...etc. Good Luck:)
2007-01-15 14:52:22 · answer #2 · answered by Shawn 4 · 0⤊ 0⤋
You should get copies of every income tax filing for as many years back as you can get. Take them to your attorney. He will be able to figure out how much money there is in the accounts by looking at the amount of income that was taxable, and what the portion would be that you are entitled to.
2007-01-15 14:51:18 · answer #3 · answered by Sparkles 7 · 0⤊ 0⤋
I believe he will have to withdraw half (hopefully that much) and give it to you. You must put it into a 401 or something, IRA? don't know what it is called, so you don't have to claim it on your taxes. If you were married for more than 10 years at retirment, you will be able to either claim all of yours, or half of his, which ever is more. Best of luck to you.
2007-01-15 14:55:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
These are questions for your lawyer, not for Yahoo Answers.
It is often possible for retirement amounts to be split - some of it would just be transferred to a new account in your name.
2007-01-15 17:07:52 · answer #5 · answered by Judy 7 · 0⤊ 0⤋