QUESTION
Do I just go with the flow with this and contribute these funds to assets he owns in the settlement?
Asked on Feb 23rd, 2013 on Divorce - California
More details to this question:
My husband and I are divorcing. He has chosen to be chronically under employed for most of the 17 years of our marriage. Without telling me, he just cashed out $6000.00 of the $9000.00 he has/had in his retirement savings and put it into his savings and checking accounts (he is 57yrs old). He is currently spending it. I believe this will be a big hit for me, in taxable income for 2013. We are currently still living in the same house because he can't afford to move out yet and support himself. He said he did this so he could.
5 ANSWERS
Family Law Attorney serving Rolling Hills Estates, CA
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John H. Sibbison, III Professional Law Corporation
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You don't have to file a joint tax return with him in which case you will not be charged with the taxable income from the retirement.
Answered on Feb 26th, 2013 at 6:45 PM
Probate Law Attorney serving Colorado Springs, CO
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John E. Kirchner
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Your statement that you are divorcing suggests that there is nothing happening in a court yet. If so, you need to file the divorce papers as soon as possible and then it will be possible to deal with the issues you raise. Until there is a court case ongoing, however, there is nothing you can do. Contact a lawyer for more information about your options and the law of the state where you live.
Answered on Feb 26th, 2013 at 2:21 PM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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His retirement may be a joint asset so you should get half. If he did it this year and your divorce is already filed you should see a CPA and consider filing taxes separately this year. If the divorce is filed your husband has violated the temporary restraining orders by cashing this out although the exception is for the necessities of life.
Answered on Feb 26th, 2013 at 2:20 PM
John Arthur Smitten
File for innocent spouse relief if he does not declare the retirement cash out on his IRS return
Answered on Feb 26th, 2013 at 2:20 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You may be able to ask the court to hold him in contempt and return whatever money is left into his retirement account. There is generally in Idaho a standard order that neither party can take assets out of the community once the case has been filed. If he didnt ask for permission, then he could be violating that order.
Answered on Feb 26th, 2013 at 2:20 PM