Law

Ask a Legal Question, Get an Answer ASAP!

Have your own Legal question?

7 Lawyers are Online Now

characters left:

Not a Legal Question?

Question

My husband drinks and drives. If he were to injure someone, can my 401k account be seized to pay off a civil judgement? What about our daughters 529 plan assets? I've already filed a homestead claim so our house is safe.

Submitted: 25 days and 15 hours ago.

Category: Legal

Value: $38

Status: CLOSED

State/Country relating to Question: Massachusetts

Posted by Shelley 25 days and 15 hours ago.

Answer

Any marital asset is at risk. So since retirement accounts are considered marital that is at risk. But the 529 for your daughter's education is protected because it is not a marital asset since it is for the benefit of the minor only.

25 days and 15 hours ago.

Reply

But are 401k accounts protected by ERISA rules from judgements?

Accepted Answer

The 401K is protected as long as you are not getting dispursements from it. But when you retire and start to get payments from it the money could be garnished from your bank account if the judgment is still valid or current and the person knows you are recieving the money to know to go after it.

Accepts:
Expert:	Shelley
Pos. Feedback:	99.3 %
Answered:	10/29/2009

Lawyer (JD)

Attorney-Business degree from The University of Texas

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Law

Have your own Legal question?

Related Law Topics:

Question

My husband drinks and drives. If he were to injure someone, can my 401k account be seized to pay off a civil judgement? What about our daughters 529 plan assets? I've already filed a homestead claim so our house is safe.

Optional Information

State/Country relating to Question: Massachusetts

Answer

Any marital asset is at risk. So since retirement accounts are considered marital that is at risk. But the 529 for your daughter's education is protected because it is not a marital asset since it is for the benefit of the minor only.

Reply

But are 401k accounts protected by ERISA rules from judgements?

Accepted Answer

The 401K is protected as long as you are not getting dispursements from it. But when you retire and start to get payments from it the money could be garnished from your bank account if the judgment is still valid or current and the person knows you are recieving the money to know to go after it.

Law

Have your own Legal question?

Related Law Topics:

Question

My husband drinks and drives. If he were to injure someone, can my 401k account be seized to pay off a civil judgement? What about our daughters 529 plan assets? I've already filed a homestead claim so our house is safe.

Optional Information

State/Country relating to Question: Massachusetts

Answer

Any marital asset is at risk. So since retirement accounts are considered marital that is at risk. But the 529 for your daughter's education is protected because it is not a marital asset since it is for the benefit of the minor only.

Reply

But are 401k accounts protected by ERISA rules from judgements?

Accepted Answer

The 401K is protected as long as you are not getting dispursements from it. But when you retire and start to get payments from it the money could be garnished from your bank account if the judgment is still valid or current and the person knows you are recieving the money to know to go after it.

Related Legal Questions