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mmdesq, Family Law Attorney
Category: Family Law
Satisfied Customers: 518
Experience:  Attorney with 13 years experience.
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I am separated, living apart from my wife and going thru a

Customer Question

I am separated, living apart from my wife and going thru a divorce right now. I want to buy a house as primary residence and I want to know if I have to notify my wife that I will be withdrawing from my own 401k and 457 plan ( for downpayment purposes ). Currently I am renting 1 bedroom apt.
Submitted: 1 year ago.
Category: Family Law
Expert:  ABC Accounting replied 1 year ago.

Hi. You can, since the divorce is not finalized. There are some caveats - the following is a link to more info:

Expert:  mmdesq replied 1 year ago.
Good Afternoon,I will try to best answer your question.
Yes you can withdraw from your retirement plans to purchase a home. However, your plan administrator will require your wife's signature for such a withdrawal. If you take it as a loan instead it may not require her signature. Current interest in any marital component of the retirement will continue then into the house you are purchasing. She will only have an interest in the house to the same extent that she had in your retirement plan. This is called tracing of funds. If wife refuses to sign any forms from your retirement administrator and you may need to file petition for special relief in court acquiring the same.Under the circumstances you have outlined I don't see why a court would not allow you to do so. I hope this information is helpful I wish you the best of luck.