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I am going through a Divorce and want to spend my 401k and other assets so my wife will not get them, is this legal?
I’m in the early stages of Divorce with my wife and I have a considerable amount of assets I’m afraid of losing. Spending assets and liquidating 401k and spending it seems like the only way for me to not let her take half of my hard earned assets. Are there any precautions I should take?
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Answers (1)
401k and even stocks are assets subject to equitable distribution with your spouse in a Divorce Case. Depending on certain state laws, you may very well be likely to be found to have dissipated assets and violated certain restraining orders which come into the play at the beginning of a Divorce Case prohibiting such actions. You should read the documents very carefully and consult with your Divorce Attorney to be aware of your legal rights in protecting your assets. Al though assets do get divided during a Divorce Case, they don’t always get divided equally and is usually an area where many disagreements take place. Please read the following articles for additional resources.
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Posted by Staff Writer on 25 Jan 2010