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Asked 12/26/2011

Child support deductions on withdrawal

I recently lost my job and am looking at taking my 401k to pay off all my bills. W My wife owes child support so will this be automatically deducted from my withdrawal?

 
 
 
 
 
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Answer 1/2 - Submitted 12/26/2011

No, you aren't obligated to pay support to anyone so the state can't garnish an account only bearing your name. Your wife owes child support, not you, you are not responsible for her support obligations.

Even so, the state can't attach retirement accounts, anyway. If you deposit the funds into a checking account you hold jointly with your wife, that may be how the state can get the money. You may want to get a separate checking of your own.

 
 

Answer 2/2 - Submitted 12/26/2011

Not to worry - the money you take out of your 401(k) will NOT be subject to your wife's late child support payments to someone else. The 401(k) is in your name, not hers. Only items in her name might be subject to garnishment for child support payments in arrears.

 
 
 
 
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