401k and divorce
Asked Nov 17, 2005, 02:03 PM
I am 49, terminated last year after 18 years due to restructure, am attending school to retrain for another profession. My husband has ask for a divorce and says that he is entitled to half of my 401k. This is my question. I obviously am going to have to get into this money just to survive until our house sells or whatever. I do not want to leave school, as I will graduate next year. Will I have to pay taxes and penalties on his part of the 401k also? Also since I have -0- income how will the tax part affect me? I have a little over two hundred thousand in this, and contributed most of it myself.( The company did not contribute that much.) Any advice would be appreciated?