Ask a Lawyer and Get Answers to Your Legal Questions
Hi again, another question re divorce pending (first CRC scheduled for this Wed 1/23) and borrowing from my 401K for multiple reasons.. i.e. soon-to-be-ex continues to mention 401K funds avlbl to pay his atty's fees. I'm also wondering if it makes sense to take 401K loan to pay down higher-interest credit card balances, pay child support arrears, etc... Legal marriage lasted a litle over 5 yrs so some $ contributed prior to marraige and some during marriage.
This is a complicated situation. As only a portion of your 401k will be available to your spouse. You stated only 5 years.... if your 401k is large then you are subjecting your SEPARATE property to fines and penalties to pay off potentially community debts (credit cards and attorneys fees) While yes he is entitled to anything that could be community, that doesn't mean you have to use your separate property 401K or get hit with the penalty for taking it out early to pay off his debt.
If I have answered all your questions then please press accept and provide positive feedback, so I receive credit for my work. If not and you have additional questions please ask, and I will respond promptly. Please note: this is a PAID ANSWERING service, once your question has been answered, press accept. This conversation does not constitute an attorney-client relationship and is offered for informational purposes only. Lastly, sometimes it may take a moment to respond as I work with several customers at a time. Thank you and best of luck.