firebug
recently joined
Reged: 09/01/06
Posts: 4
Loc: Baltimore, MD
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Do 401K loans after a divorce has been filed go toward marital assets? No settlement agreed to at this time with STBX?
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Lucy44
old hand
Reged: 07/11/05
Posts: 874
Loc: Rochester, MN
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What exactly are you asking? Please be more specific.
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Experience is a wonderful thing.
It enables you to recognize a mistake when you make it again.
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firebug
recently joined
Reged: 09/01/06
Posts: 4
Loc: Baltimore, MD
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My STBX has $100,000.00 in her 401K which is marital property. I also have a 401K plan of about $160,000.00. the difference of $60,000.00 and halving this up, I would owe her $30,000.00 , but STBX recently took out $25,000.00 loan from her plan lowering the amount in plan to $75000.00 from $100,000.00 available. I,m saying half that loan amount is marital property. Now her lawyer is saying my marital share is $42,500.00 instead of $30,00.00 because her total amount in her plan is less now ($160,000.00 - $75,000.00 is $85,000.00)
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Avaya
Carpal \'Tunnel
Reged: 02/09/06
Posts: 9823
Loc: Arkansas
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I would think that the accounts' value at the date of separation should be the marital assets. Heck, she could have taken all of it out and then claimed you owe her $80,000, you know? Or you could have taken all of yours out and claimed she owed you $50,000.
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Eternity is too long to be wrong.
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firebug
recently joined
Reged: 09/01/06
Posts: 4
Loc: Baltimore, MD
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I believe there is a $50,000.00 limit on a loan from most 401K's. That's what I'm thinking of doing to lower my total, if in fact that borrowing doesn't go toward marital assets.
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LinusluvsSally
addict
Reged: 08/23/06
Posts: 441
Loc: South Florida
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Firebug, I agree with you.
The loan SHOULD count as part of the total value. The only caveat would be if in fact you both jointly used the proceeds of the loan as a couple.
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