Share. Because a loan against a 401(k) therefore means a potential loss of funds in which the spouse has a financial stake, many providers require a spouse's signature before granting an employee's request for a 401(k) loan. That's fine, but you may run into complications from state and federal laws intended to make sure surviving spouses aren't left out in the cold. Fraudulent Signature As Defence - Civil Law - Canada - Mondaq Notary is NOT required. He has been writing since 1997. Failure to dismiss does not mean it won't work out right eventually. Second, the fiduciary who designates the fiduciary is responsible only for that limited function. In some cases, your husband may legally sign your name on a loan document. 4. A homeowner has learned that her husband refinanced their home by forging her name on a quit claim deed. A spouse who does sign a waiver can withdraw that consent if the other spouse later names a different beneficiary, unless the signing spouse expressly gave up that right. The plan document will state whether it is a REA safe-harbor plan. The terms of the plan document will specify what type of plan it is. If your spouse forged your signature, in all states that would be considered to be a combination of or at least one of the following types of crimes: identity theft, forgery, theft, conversion and the like. Average Retirement Savings: How Do You Compare? Husband gave no evidence - notwithstanding the "best foot forward" rule. If any of the money you contributed was earned while you were married, that money remains "community property," and your spouse owns half. Hi. You don't pay taxes on the money until you remove it from the plan, and you usually don't have to have your spouse's permission to cash it out. Can a 401(k) Be Cashed Out With a Spouse's Permission? Good luck! Most married workers, husbands or wives, with a 401(k) claim that account as mine. But it was never meant to be for just one of the spouses. It has everything to do with the way the laws are written for retirement accounts. The rules and implications are opaque and hidden behind the excuse of but they signed the form.. If you can prove the forgery occurred, the court will not consider the debt a marital liability. If either of you answered fewer than 7 correctly, it looks like there is a financial power imbalance. If your spouse agrees to sign the waiver, which should be provided by the firm that administers the 401 (k) plan, a plan representative or a notary public must act as a witness. I don't think we disagree in this uncertain area. It does not matter that the plan could have been written without spouse consent to distributions. We can do better to ensure financial power balance for married women. husband forged wife's signature on 401k. The second: for wives who also have 401(k)s they can recognize that they are in the drivers seat and make sure their husbands are well-informed. Neither situation is right. Photo credit: iStock.com/CatLane, iStock.com/bymuratdeniz, iStock.com/LaylaBird. If the mortgage broker forged her signature, she should report the fraud. Husband has a 401 (k) - Wife has an equal sized 401 (k) Husband has a larger 401 (k) - Wife has a smaller 401 (k) Husband has a smaller 401 (k) - Wife has a larger 401 (k). Under state law, she couldn't name a different beneficiary without the written consent of her spouse or a court order. In most states, misrepresenting your financial status to a bank, or misrepresenting your credit worthiness and collateral by forging the signature of another person, is an act of bank fraud according to author Benton Gup.
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