If I cash out my 401k plan, can child support take it? 5 Answers as of October 25, 2017

I’ve been offered to cash my 401k from a previous job.

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Law Offices of Helene Ellenbogen, P.S.H | Helene Ellenbogen
Child support can take it if its not in a deferred income plan (retirement plan). In addition, you will have tax consequences and a penalty depending on your age. It doesn't make sense to cash out a retirement plan. You can roll it over into a roll over IRA without any consequences.
Answer Applies to: Washington
Replied: 10/25/2017
Walpole Law | Robert J. Walpole
At present, there is uncertainty whether a 401k distribution can be garnished or attached, as those terms are used in law, to pay back child support. You should err on the side of caution. Secondly, there is a question whether you are being offered to cash a 401k. A 401k is a retirement plan that you own. It has certain benefits and is protected against garnishment. A distribution is taxable. Financial experts routinely counsel that 401ks be left alone to grow because the amount people will need in retirement is unknown. So, cashing out a 401k should only occur in the most extreme circumstance.
Answer Applies to: Oklahoma
Replied: 10/25/2017
Goldstein and Peck. P.C.
Goldstein and Peck. P.C. | William J. Kupinse, Jr
Answer Applies to: Connecticut
Replied: 10/25/2017
Law Office of John G. Galasso | John George Galasso
If your behind in your payments and they become aware of it, then they will file to get it;
Answer Applies to: Ohio
Replied: 10/25/2017
Law Offices of Arlene D. Kock
Law Offices of Arlene D. Kock | Arlene D. Kock
Depends if the DCSS has an order that allows them to do that and more importantly if they are ready to secure one of your bank accounts. Please meet with an experienced family law attorney to explore your options.
Answer Applies to: California
Replied: 10/24/2017
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