Related Legal Topics
I am about to get a divorce, inorder to save the early withdrawl tax(fed and state) on my 401k, is there a provision on taking it all out for a first time home purchase with no penality?
State/Country relating to Question: California Already Tried: I have not tried anything yet
No, typically there is no such provision allowing an individual to withdraw early on the condition that the individual use the money to buy a home. However, there may be something specific in your plan that does allow this, so you should read the plan documents over carefully. I would think that it would not be included in your plan.
Attorney
9+years of experience in all matters of civil litigation and Hearing Officer/Arbitrator
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.