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Valued Contributor
Posts: 743
Registered: ‎08-12-2012

Get m onies out of the accounts.

Esteemed Contributor
Posts: 5,903
Registered: ‎03-10-2010

It is important to document everything and (as was said before) communicate only via email.  My Son had a child custody issue and everything he shared with me,I documented in emails,sent to myself.  Those emails were subsequently used as evidence in court and we prevailed.  

Esteemed Contributor
Posts: 5,677
Registered: ‎06-07-2010

How can he get any part of her 401k if it is in her name?  Definitely, she needs a good lawyer NOW!  Wishing her good luck!

Esteemed Contributor
Posts: 6,505
Registered: ‎03-10-2010

Lawyer up, NOW! Also, depending on which state she lives in, he may be entitled to half. If the 401 account is joint, can she put a freeze on it? The point being, she won't want him to have access to emptying the account.

 

Hiding the money isn't a good idea. Lawyers go through all financial records, tax files, etc when a divorce is in process.

Esteemed Contributor
Posts: 7,174
Registered: ‎03-11-2010

Lawyer and financial planner.... NOW

Super Contributor
Posts: 327
Registered: ‎03-15-2011

She should definitely see a lawyer.  From my experience, in my State, cashing out a 401k wouldn't keep him from getting the money.  It is still money acquired during the marriage and, likely, a joint asset....

Honored Contributor
Posts: 11,447
Registered: ‎01-22-2016

Re: My Sister Is Devestated

[ Edited ]

@riley1 wrote:

Lawyer up, NOW! Also, depending on which state she lives in, he may be entitled to half. If the 401 account is joint, can she put a freeze on it? The point being, she won't want him to have access to emptying the account.

 

Hiding the money isn't a good idea. Lawyers go through all financial records, tax files, etc when a divorce is in process. 

 

Twin Sister & BIL same situation minus children. Having built large real estate business together. Best thing he ever did leaving her for another woman. He always creeped me out! Staring at my chest (you get the picture) real *smuck* excuse me, I digress. Point is! Cost my Sister quite a large sum hiring very best NYS attorney. In the process worth every penny. If you knew my Twin she is not one who likes spending money. In the end made out very well. This is fine example for married couples prepare for unexpected departure of the other person. Have separate bank accounts is one way. Depending on before marriage pre-nup highly recommend.


Esteemed Contributor
Posts: 5,891
Registered: ‎03-11-2010

I haven’t read all the replies so I don’t know if anyone mentioned that much of this depends on the state where one lives. My daughter was terrified that her able-bodied but lazy, now-ex, husband was going to ask for alimony. As everyone has said, your sister must see a lawyer who can help her protect her assets.

Honored Contributor
Posts: 12,921
Registered: ‎03-09-2010

@CAcableGirl2 wrote:

First things that come to mind are:

 

1.  Get to the bank and take at least 50% of what is in there since 1/2 would be your fair share - get there before he takes all of it.  KEEP RECORDS of what is in each account, and what you take out.

 

2.  Check and see if your vehicles are owned by, if it's "or", or "and".  If they state Mrs. OR Mr., then he could sell your vehicles without your permission.

 

3.  Check and see who the utilities have on the accounts.  If only him, he could have them shut off without your knowledge.

 

4.  Figure out your credit cards.  Not sure exactly what you need to do, possibly close so he and his new "girlfriend" doesn't charge a bunch and leave you with the bill (or 1/2 of it).

 

5.  Make sure he doesn't have the checkbook - you don't want him writing checks all over town that you'll be 50% responsible for.

 

6.  Have a consultation with EVERY great lawyer in town.  That way, they will not be able to represent him, since they have a history or background on you.  He will have to hire an attorney that you haven't had any consultations with.

 

7.  I would immediately stop any extra money going into your 401K.  No sense in handing more money over to him later on.

 

8.  Get all financial records that you can find and keep them in a safe place that he can't access.  Tax records, retirement accounts, bank account information, etc...  Anything you can think of that he could have money stashed.

 

9.  And last but not least, DON'T SHARE INFORMATION WITH HIM.  And don't fall for the "I want to get back together" line that he might try to get more info.  I have a friend who's wife left and then she crawled back only to have a place to stay for a few months.  Once she found her new place, she actually told him that she had no intention of getting back together - she only needed a place to stay temporarily!

 

10.  Oh, and make sure he doesn't have access to all your email, personal, financial accounts - change the passwords immediately.

 

Best of luck to her, she might not realize it, but he may have done her a favor in the long run, instead of waiting until she is older, or sick.  Prayers for your sister - she will be OK and be stronger once this is over - the best is yet to come!

 

Make an appointment with an attorney right away!

 

 

 


@CAcableGirl2- these are all excellent. 

 

When I was reading the original post the first things I thought of were the checking and savings accounts and credit cards. Hopefully she’s already taken care of those. 

 

I definitely agree wbout stopping contributions to the 401k, at least for now. Cashing the 401k does nothing. 

 

 

 

 


Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?
Honored Contributor
Posts: 10,486
Registered: ‎03-09-2010

My husband walked out on me after 15 years of marriage.  It was a total surprise too.  No inkling ahead of time.  We had  kids and he never did much parenting after that too.

 

Before she does anything, she needs to see an attorney.  Cashing out a 401(k) may still be part of the financial data that has to be reported.  Or he could complain that she intentionally cashed out to avoid him getting any of it.  Lots could go wrong.