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What Are The Penalties If My Spouse Cashed Out A Retirement Account While Our Divorce In Brooklyn Is Ongoing?

While your spouse won’t be sent to jail for cashing out a retirement account during your divorce, there will be significant penalties imposed.

First, assuming the account was identified as marital property, or some portion of the value was marital property, you can expect reimbursement for your share of the funds as part of the settlement.

If the court finds that your spouse acted in defiance of court orders and holds them in contempt, there may be additional financial penalties for them, like assuming some or all of your legal fees.

It’s never a good idea to play games with money during a divorce.

Altering the marital financial picture by cleaning out accounts or disposing of assets is a great way for your spouse to tell the judge that they are acting in bad faith, and can amount to costly strategic blunder.

The attorneys at Zelenitz, Shapiro & D’Agostino represent our clients vigorously and make sure that divorce settlements give them the best opportunity possible to move on freely.

Call us today at 718-725-9601 to speak to an experienced Brooklyn divorce lawyer for free.

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