QUESTION

If I cash out my 401k plan, can child support take it?

Asked on Oct 23rd, 2017 on Child Custody - Ohio
More details to this question:
I’ve been offered to cash my 401k from a previous job.
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2 ANSWERS

Dispute Resolution Attorney serving Seattle, WA at Law Offices of Helene Ellenbogen P.S.
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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.
Answered on Oct 25th, 2017 at 6:51 PM

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If your behind in your payments and they become aware of it, then they will file to get it;
Answered on Oct 25th, 2017 at 9:51 AM

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