can i recieve a lump sum of a 401k that i was awarded in my divorce?

Answer 1

Sure, but if you take possesion of the money, instead of rolling it into an IRA, you will have to pay the taxes, plus a penalty for taking the cash.

You will need a Qualified Domestic Relations Order (QDRO) to have money transferred from your former spouse to you.

If you take the money, you will pay taxes, plus probably a 10% penalty on this money for early distribution.

There may be some exceptions to the penalty, but be on the lookout for this.

A 401(k) is tax deferred money, so if you or he takes that money, you incur the taxes, plus a penalty.

Answer 2

You should be able to get it the form of a lump sum, however it is a separate filing done by the attorney(s) to the custodian of the 401(k) plan calles a "QDRO" or Qualifed Domestic Relations Order.

If you do get it, it should not be spent unless you are over 59 1/2 years old, otherwise you will pay the taxes on the distributionand an additional IRS penalty