Long story- I cashed out retirement account from Florida Retirement System to purchase a new home for me and my new wife in NC. We are divorced and selling the house. Closing is next Thursday 3/28/13. My former home in Florida never sold and is in foreclosure
(a lis pedens has been filed). I also have some substantial old credit card bills (related to my previous marriage ).
I will be getting approx 40,000, cashiers check I'd imagine.
1) Can I start a new retirement fund with that and if so, will it be protected from creditors?
2) Can I cash the check and put the cash in a safe deposit box without a bank record being created?
3) Can I sign the check and give it to my daughter for her to deposit in her bank account?
4) I might, or I might not eventually file for bancruptcy, what bearing would how I handle the check have on that?
I live in SC and might be moving back to Florida.
The home I'm selling is in NC.
I took out $320,000 but after taxes, attorneys, and paying my ex- I will have about that much left ($40,000 ) if that has any beariing on this.
Any other suggestions are welcome.