my exwife will buy a house, i want to help her with my money in the 401k.used my exwife single name

Asked by Hmatute4_56, Frederick, MD Fri Jan 15, 2010

i shown faith estimate on my exwife name to withdrawal money from my 401k.. she has good credit

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Bob Lowery’s answer
Bob Lowery, , Baltimore County, MD
Fri Jan 15, 2010
You can gift funds to someone you can document a relationship with; as well as family. Many lenders will allow you to gift to an ex-spouse. This is easily documented.

I agree with Anna about checking with an accountant to see if you would have to pay any penalties since the home is not for yourself.
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Anna M Brocco, Agent, Williston Park, NY
Fri Jan 15, 2010
Not knowing any details regarding finacial arrangements made upon your divorce it is in your best interest to seek the advice of any qualified loan officer(s) first-- and if you haven't already done so, check with your tax consultant regarding any penalties for 401K early withdrawals.

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Peter Thomps…, Agent, Frederick, MD
Fri Jan 15, 2010
Dear Frederick Home Buyer,

As an agent whose office is in Frederick, where it has been for the past 19 years, I would be happy to help you and your wife or ex-wife. I have extensive connections with attorneys and lenders with many years of experience in the Frederick area. I have no doubt we can help you.

Feel free to send an email or give me a call. Best regards.
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Tess Bonaguro, Agent, Accokeek, MD
Fri Jan 15, 2010
Hi there,

Have she talk to a lender for other things to be met? It starts from a good credit. Assuming she has a good job and mortgage is affordable to her. Like what Robin says. "a gift must be from a blood related or spouse." We'll if you're divorce she is no longer your spouse I guess...

The best advice and help is a lender. Here's one that would help at no cost. Patricia Arnold 301-609-9000. Mention Tess she knows me.

Also, all of this concerns; you can be guided by a REALTOR. why not hire one. If she wants to buy let her call me. I don't charge anything but to provide you with answer the best I can. If I don't have the answer at that moment I'll find it somewhere else. No bother an e-mail can be a GREAT way to communicate.

Tess 301-659-5700 or or
Don't mind the "357" that's my late Dad's # that I have to keep.

Good luck

0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Fri Jan 15, 2010
Please have your wife check with the lender. A gift is supposed to be from either a spouse or blood relative. If you divorce decree says that your ex is entitled to some of your 401k funds, that could be different, and not considered a gift. Also, please re-read your question and try to phrase it in such a way that we really know what it is you are asking.
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Jenifer Mack…, , 17268
Fri Jan 15, 2010
That should not be a problem at all. What she would have to do get a gift letter for the lender stating you will be providing the funds. I am a realtor licensed in Md. And Pa. If I can be of any assistance to get you/her going in the right direction please give me a call. Best of luck.
Jenifer 301-514-9810.
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