401K information

33MinutesOnABike · 2017-08-16T07:23:43+00:00

Nope. Sorry, man. A divorce, by itself, won't support a h/s withdrawal; however, depending on what you need the money for, another related event might (as long as your 401k plan allows it. Allowing a hardship withdrawal option is optional for a 401k plan). For example, if you need a h/s withdrawal to buy out your ex-wife's interest in your principal residence as part of the divorce, you may be able to do that. This is a complicated area of 401k plans, and it really depends on what your specific 401k plan allows. A good, accurate & reliable general overview of the IRS's outer limits on h/s withdrawals can be found here:

http://www.401khelpcenter.com/hardships.html#.WZPvY8tlBnE

But ask your employer's benefits team for your 401k plan's "summary plan description" (SPD}, which should give you the details about what your 401k plan allows, if anything, wrt h/s withdrawals. Good luck!

p.s. Some 401k plans also allow loans, but a 401k loan must be paid back in 5 years max (unless it's a loan to buy your principal residence, in which case you can get up to 10 years to repay). The upside is that you don't have to prove why you need the $. Again, check out your 401k plan's SPD. Hope that helps.

Title	401K information
Author	JasonToo
Upvotes	3
Comments	1
Date	August 15, 2017 10:47 PM UTC (8 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/6txua6/401k_information/
Archive Link	https://theredarchive.com/r/Divorce_Men/401k-information.1175933 https://theredarchive.com/post/1175933

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