What does equitable distribution mean in divorce?

What does equitable distribution mean in divorce?

Equitable distribution is a legal theory whereby marital property is distributed equitably in a divorce proceeding. Property assets are classified as either separate property or marital property. Most US states follow the equitable distribution theory.

How long does a hardship withdrawal take to process?

Once you have submitted the online withdrawal request through your MyGuideStone account or GuideStone has received your completed withdrawal application, the processing time for the withdrawal is typically 5–7 business days.

Should I borrow from my 401k to pay off credit card debt?

If you withdraw from your retirement account early, you’ll have to pay ordinary income tax plus a 10% tax penalty. Even with taxes and penalties, it may be beneficial to cash out a portion of your 401(k) to pay off a debt with an 18% to 20% interest rate.

What happens if my employer won’t release my 401k?

Your employer or the plan administrator should have provided you with a copy of the 401(k)’s summary plan description (SPD). If you can’t find your copy, contact your employer and ask for a replacement.

How long can a former employer hold your 401k?

Retirement plans are not required to distribute assets to you within a specific number of days, weeks or months. In fact, an employer can legally hold on to that money until your retirement. The plan sponsor usually covers the administration costs of any accounts in the 401(k) plan.

Does my employer have to approve my 401k loan?

401k Plan Loans – An Overview. Allowing loans within a 401k plan is allowed by law, but an employer is not required to do so. The loan must be paid back over five years, although this can be extended for a home purchase.