I am in the early stages of a seperation/divorce. If i take out my 401k and spend it will she still be entiltled to half or will it be considered gone
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I am in the early stages of a seperation/divorce. If i take out my 401k and spend it will she still be entiltled to half or will it be considered gone
Asked on May 9, 2009 under Family Law, Virginia
Answers:
Denise Ferguson / Denise Ferguson Attorney At Law
Answered 15 years ago | Contributor
In addition to what MTD stated, you could also be found to have dissipated assets. If you have filed in court for a divorce, you may run afoul of a common restraining order that prohibits such actions. If there is a restraining order, you could be found in contempt for taking money out of your 401k.
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Typically, the amount of your 401k accumulated during marriage is considered to be a marital asset or property to be divided according to your state's divorce law (i.e., separate property state, common law, equitable distribution, community property).
So, she will be entitled to whatever amount in your 401k was accumulated during marriage and that amount will be divided according to Virginia divorce law, which is equitable distribution (or equally unless you can prove to the court otheriwse).
http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+20-107.3
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