Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Using retirement funds to pay child support

Are you headed for or maybe even in the process of getting divorced in California? Do you have minor children for whom you believe you may be required to pay child support? If so, you will want to start planning now for how you will satisfy your child support obligations. Despite the best intentions parents may have of wanting to provide for their kids, making these payments can be difficult on a newly divorced person's budget.

One option you should know about is the ability to tap into your 401K funds to satisfy your child support award requirements. As explained by the U.S. Department of Labor, typically funds from these accounts are not allowed to be withdrawn without paying very high penalties and taxes. However, the use of a qualified domestic relations order may help you avoid the early withdrawal penalties associated with non-retirement accounts when distributions are for child support.

With a QDRO, you may name your child or an appropriate guardian in some cases as an alternate payee. This allows them to receive funds directly from your 401K account. You can have funds paid out on an ongoing basis such as every month over a period of time. You may also elect to have funds paid in a one-time lump sum.

If you would like to learn more about your options for satisfying a child support award and taking care of your kids, please feel free to visit the qualified domestic relations order page of our California family law website.

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

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