Welcome! | Ask A Question
Asked 4/3/2011
|
Can a 401k plan loan and child support and maintenance all come out of my paycheck? I have to take out a loan from my 401k plan but also have to pay it right back within 5 years. I going through a divorce. Im going to have child support and maintenance also come out of my paycheck as well. Can they take all this out at once and will the child support and maintenance amount remain the same even though I have a 401k plan loan? |
Answer 1/3 - Submitted 4/5/2011
They can all come out of your paycheck. I do believe that the child support will stay the same even with the 401k loan. I would like you to do everything you can to avoid the 401k loan if you are able simply because if you for some reason lose your job during the 5 years the loan becomes a distribution and it's subject to the taxes and penalties of an early 401k distribution. Good Luck.
Answer 2/3 - Submitted 4/5/2011
Yes, of course all three can come out.
You may not be able to withdraw/borrow anything from your 401k before the divorce is final without your wife signing off on it. You should check your plan documents to confirm this, and also check any interim court order that would bar you from spending down that particular marital asset. You don't want to be found in contempt of court by doing so.
Answer 3/3 - Submitted 5/24/2011
All of the items listed can be taken out within reason.
Any borrowing or spending other than the ones you have listed will need consent and you need to run these by your ex before you do this. The best thing to do is speak to a solicitor to find out exactly what you are eligible to spend the 401k on and take all the paperwork with you. It is better to do your due diligence rather than being held responsible for some sort of fraud by the court.
Hope this helps.
Type your Answer in the box below and post your answer.
I have a loan outstanding from my current 401k plan. my company has announced that as of jan 1 they will be cancelling the entire 401k plan. what happens with my loan? will i be forced to pay the full amount off immediately? or will they force me to take the tax hit?
My ex is contributing large amounts of his income to his 401k plan and he is not paying what the court order states and is behind on child support payments. is he allowed to contribute to the 401k if he not meeting his court ordered obligation child support payment?
I am considering contributing to my 401k at work, but want to know if dhs can touch it for back child support. they are holding child support and partial back support from my paycheck.
|
I have a loan outstanding from my current 401k plan. my company has announced that as of... |
|
My ex is contributing large amounts of his income to his 401k plan and he is not paying what... |
|
Can money in my 401k be garnished for back child support. i live in oklahoma. I am considering contributing to my 401k at work, but want to know if dhs can touch it for... |
|
Can the irs hold a 401k loan for unpaid child support? I have previously received loans against my 401k with no problem, but can the irs hold my... |
|
I have 2 different 401k plans. Plan 1:i took a $16000 loan on my previous employeers 401k plan. i will be penalized 10% +... |
|
I want to take a loan out of my 401k , but i plan on retiring in approx. 1 year , how is... |

Ask A Question
Ask a new question about
401k: