Monday, December 17, 2012

Do not let this happen to you!

The ex-wife of a man in Oklahoma stole over $42,000 from his retirement account from a long ago employer.  After he had moved out, a letter arrived at his former residence, still occupied by his ex-wife, with an explanation of how to use the plan's new online account procedure.  The ex-wife followed the instructions and drained the account.  The man did not find out until the next year when he received the tax forms.

The court found that the action by the wife was not the fault of the plan, and therefore the plan was not required to reimburse him.  He most likely has an action against his ex-wife - he could sue her in family court or report it to the prosecutor to see if the funds can be recovered.  Avoid the headache, however, by making sure you change your address on all accounts --- even those from long ago.  Change your passwords and usernames - and even the "clues" such as the town you were born - to make it more difficult for an ex-spouse to wreak havoc on your online financial life.  

Do not let your money walk away.

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