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Asked 5/14/2011
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Once divorce is final when will i be able to access funds out of the 401k. We are splitting the 401k from his employer. Does anyone know how long it takes before my half will be allocated to me. Also i believe he has another investment in another account does anyone know how i can find out or where to look for hidden accounts. We live in tx. Thank you for time and concern |
Answer 1/1 - Submitted 7/28/2011
The account managers of the 401k and investment accounts will have procedures and forms for you to fill out. They will want to see the court order incorporating your property settlement agreement in which you list their accounts and agree to split them.
They probably also have their own forms for you to fill out requesting a distribution.
It's best to get someone on the phone from each of the accounts, who knows about a divorce property settlement, and distribution according to the settlement.
Because the account managers are in the business of servicing accounts for people, you should expect that they will try to talk you into staying with them (in an account on your own, of course) and letting them continue to manage your separate share of the fund for you.
The time involved would be what you could discuss with them when you call. Probably, if you agree to keep using them to manage the account, you can work out an arrangement by which they would expedite the splitting up of the account, and accommodate your immediate needs by sending you a check for a certain amount out of your part of the money.
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