Posted on: 01st Feb, 2010 11:39 pm
I live in Maryland. My husband and I have been separated since 2001. I have a contract on a house, due to go to settlement in March 2010. I wanted to use my 401(k) funds for the remainder of the downpayment and closing costs at closing. However, since the 401(k) is considered marital property, would my house be considered marital property even though my husband's name will not be on the deed or loan. I would like to make sure that he has no claim to my house.
Hi brownsya,
As far as I know, the amount in a 401k which was accumulated during a marriage is considered marital property. If you want to use it for property purchase, then there are chances that your husband may claim his share in that property. Before using your 401k for buying a property, I would suggest you to contact an attorney and take his opinion in this regard.
As far as I know, the amount in a 401k which was accumulated during a marriage is considered marital property. If you want to use it for property purchase, then there are chances that your husband may claim his share in that property. Before using your 401k for buying a property, I would suggest you to contact an attorney and take his opinion in this regard.