401k and Child Support
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Next week DH goes for CS modification. He hasn't made much money these past 3 years is why & BM hasn't worked or taken the skids regularly so he figured needed to get it adjusted. All he has left is his 401K as he's spent all his savings & investments these past 3 years. Will they order CS from his 401K? I think so but he doesn't.
I think she means to take out
I think she means to take out of the 401K. They don't care how he gets the money as long as the CS is paid. He may not have to pay it anymore if she doesn't have the kids.
Yeah, Jsmom that was my
Yeah, Jsmom that was my question. He thinks its "protected", I don't. Money's money. I did find out he'll get off the 10% penalty for withdrawl b.c. it will be considered a hardship withdrawl but he'll (darn I mean we'll) still have to pay the hefty taxes on the withdrawl. And only the skids are on as beneficiaries so whatever - give 'em some now via CS or hand it over later for them to blow or give to BM. Ditto for my 401k - but its a pinnance compared to his. I never had the extra to save. That's my fault not his or his skids I guess.
If he takes a loan from his
If he takes a loan from his 401K then there are no early withdrawal penalties or taxes due on the amount of the loan.
He will pay himself back with interest. Depending on his plan administrator and the laws of your state he may even be able to continue 401K contributions during the pay back period on the loan.
My wife is a CPA with extensive experience with employee benefit plans including 401K plans.
I did not pull this out of my butt ...... I asked the expert.
Best regards.
Yeah, he did give her 60% of
Yeah, he did give her 60% of it in the divorce settlement and she also got Survivor rights or something similar so she's getting a percent of his Soc. Sec. when retires. I wish I knew that piece before I got married. Oh well. He has not contributed to his 401K in 5 years - since he was let go from that job after 22 years.
Thanks for the replies! His
Thanks for the replies! His 401K is def. going to be considered for CS... Coincidentially the date is the same date it was 3 years ago when judge set child support at potential earnings. He's so naive but its his kids, his BM, his court date not mine. All my advise he takes as anti-BM or skid-hater motivated which hurt me so I disengaged from this situation as well. Plus he could work 40 hrs. a week vs 401k withdraws if he TRULY wanted to IMO vs what he currently doing.
Yesterday was the big day.
Yesterday was the big day. 401K was not discussed. CS was cut in half based on potential earnings of BM & DH. Joint custody stays in place, although she cracked at 5pm & called 9-1-1 b.c. ninjas were in the basement LOL. They came, my DH was called to pick up a twin & cops gave my DH 2 guns she had out & they all tried to calm her down. Coco for Coco puffs. She now has 12 video cameras throughout the house to record said ninja activity. DH should have gone for full custody to protect his twins but he didn't. NO! He'd rather be nice & pay her CS and allow the boys to go there. Both of them are totally wacked.
What?? Ninjas? Are you
What?? Ninjas? Are you serious? Why haven't they commited this woman to a psych. ward? :jawdrop:
i thought cs was based on
i thought cs was based on income ALONE not assetts.... she got her share of the 401k in the divorce.
Yeah Starfish. That's DH take
Yeah Starfish. That's DH take on it too. She already got 60% of his 401K in the divorce settlement blah blah blah.
And I'm serious about the Ninja's. She sees them, they talk to her too and she quite tired of them trespassing on her property. LOL. I personally am worried, its DH that doesn't want to cause trouble for the boys' mother blah blah blah. And the boys have both seen it (her hallucinations episodes) and thought it was okay or normal for her.