Can I withdraw money from my 401k for divorce?
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Can I withdraw money from my 401k for divorce?
You are allowed to use 401k money to fund your divorce. A 401k and other types of retirement money are property for purposes of divorce. Therefore, if you need to pay an attorney or to invest in any other service related to your divorce case, you’re allowed to withdraw your 401k money and use it for that purpose.
Does 401k automatically go to spouse?
If you are married, federal law says your spouse* is automatically the beneficiary of your 401k or other pension plan, period. Even if your intended beneficiary is a domestic partner you’ve been with for 20 years, your spouse will have legal claim to your 401k if you die, unless he or she signs a waiver.
How long must you be married to receive survivor benefits?
If there was no common-law partner, it is the person to whom the contributor was married at the time of death. To be considered common-law, the couple must have lived together a conjugal relationship for at least one year (the partner’s gender is not germane).
