401 K monies


#1

Ruby, I’m in the same boat as you in that I am trying to divorce a big time gambler.(That’s just one of his problems)He took all kinds of loans out against his 401K as well as tons of cash advances on credit cards. You’re going to have to be able to prove that he spent all that money on gambling. I’m fortunate in that we were forced to file Chapter 7 three years ago and I have a letter from the bankrutpcy attorney to a credit card company that was not willing to forgive $90K in cash advances. The bankruptcy attorney tells the credit card company that the ex had a chronic gambling addiction and fully believed that he could pay the debt back? OK whatever…and that he sought professional help for his addiction…oh no he didn’t! I feel for you hon because I’ve never touched my 401K and it sickens me to think that there’s even a chance that he may get 1/2 of mine!


#2

Dear Ruby58 and soccermom27021:

Greetings. If you can prove that he gambled the funds away, it is marital waste and generally the funds are treated as if they still exist in a distribution. Best of luck.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#3

My husband and I worked and retitred from state goverment positions. We both get separate retirement pension checks. In addition, we both had 401 plans. He has gambled his 401 monies away (without my knowledge), and now because I am seriously considering divorce…he says I must split my retirement 401 plan with him. Is he right? He also gambled away our life savings. Is there any way to be use that fact to help me gain his portion of our home?