If a divorced man in the state of Ohio is no longer employed, but is currently up to date on his child support are his retirement assets such as an IRA, 401K, annuities safe from the ex-wife for liquidation to pay either child support or Alimony should he get behind?
State/Country relating to question: Ohio
Speaking with lawyers as to the possibility of forced liquidation of assets if I am unable to make payments down the road. They aren't sure.
Thank you for your question. I will do my best to assist you with your concerns. If you would like me to clarify my answer, I will be happy to do so.To answer your question directly, the answer is 'no', those assets are NOT safe from collections. Certain assets are safe from spousal support, such as social security benefits and payments, but social security is NOT safe from child support (retired individuals can still be forced to pay). Similarly, assets such as IRAs and 401Ks are not safe and can be pursued. Annuities can be pursued if they are not yet annuitized but are still in the growth stage, although even if annuitized, the annuity payments may be able to be intercepted so as to pay down the debts owed.One strong suggestion is if you are currently still on top of your payments is for you to consider filing directly for a possible modification of child support based on change in circumstance (and request lower payments), and possibly consider re-opening the divorce decree so as to modify the spousal support based on hardship as well. Getting a support modification is likely going to be easier and more possible than the change in spousal support.Good luck.
Kindly remember to only rate my answer when you are fully satisfied. If you feel the need to rate "Helped a little" or "I expected more”, please stop and reply to me via the CONTINUE CONVERSATION button with whatever issue or clarification you may need. I will be happy to continue further and assist you until I was able to explain your concern to your satisfaction.
Please be aware that if you give any rating below 3 stars then I will not be compensated in any way for helping you today. Good luck to you!
I provide family and divorce law advice to my clients in my firm.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).