QUESTION
I got a 401k loan to pay his credit cards Bill's will they subtract that amount from what they say he may be entitled to?
Asked on Oct 16th, 2019 on Divorce - Texas
More details to this question:
We borrowed money from my 401k to pay his bills.. he left me paying the loan ..cause he moved out.. will they subtract that amount from what might be entitled to him .. he doesn't have a 401k ..
1 ANSWER
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It is likely that the court will subtract the loan and divide the value of the 401(k) minus the loan. It is wise to double check any statement of the value of your 401(k) to determine whether it is stating the value as if the loan has been repaid or the lower value of the value of the holdings of the account minus the debt owed.
Answered on Oct 21st, 2019 at 10:13 AM