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Will I get penalized for moving my 401k to an IRA before my divorce trial? I lost my job.

Bronx, NY |
Filed under: Divorce

My divorce trial is coming up and I want to move my 401k to an IRA. Since this is a QDRO acct I don't want to get in trouble with the judge. I'm not withdrawing any money, just moving it to my financial consultant to manage instead of the company's investment firm. I lost my job so my money is just sitting there.

Attorney Answers 3


The automatic orders preclude that activity without the consent of the other party.

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Yes, if you transfer the funds without consent of the other party or court authorization, you will be guilty of contempt. The Automatic Orders prohibit such transfers: Schedule a consult with a Bronx Divorce lawyer for a full assessment.

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Yes, but I don't think much will come from it if the money is all there and you have not placed it at risk, or if you have placed it at risk, that it holds its value. Your attorney should have been consulted and so s/he could advise you before you did it. Now that it's done, make sure your attorney is aware and addresses it.

If you found this "helpful" or "best answer," please click it with my appreciation. My response is for educational purposes and does not constitute legal advice nor creates an attorney client relationship which requires all the details and a personal conference.

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