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    mo77gal's Avatar
    mo77gal Posts: 1, Reputation: 1
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    #1

    Jan 10, 2008, 09:12 AM
    Buying out a court awarded pension from divorce
    My divorce was finale on Tuesday. The court awarded part of my Husbannd's pension to me. I am wanting my husband to buy out the pension so I could have cash now.

    Are there penalities and tax liabilities if he pays me cash for the pension amount? I would think that he would be saving going this route, but I could be wrong. He's wanting to settle on a lower amount than the court awarded.

    Please Help

    Susan
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Jan 10, 2008, 01:32 PM
    Unless the man has his pension coming in a very short period you're going to have to wait until he's actually drawing this pension if he is not doing so now. What you are describing sounds more like a 401K plan.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Jan 10, 2008, 01:59 PM
    [QUOTE=mo77gal]My divorce was finale on Tuesday. The court awarded part of my Husbannd's pension to me. I am wanting my husband to buy out the pension so I could have cash now.

    Are there penalities and tax liabilities if he pays me cash for the pension amount? I would think that he would be saving going this route, but I could be wrong. He's wanting to settle on a lower amount than the court awarded.


    I would tell him you are following the Court's order - if it doesn't specify how and when, then I would go back to Court.
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