How can I take money from my I.R.A. for a specific purpose while awaiting my divorce court date?
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How can I take money from my I.R.A. for a specific purpose while awaiting my divorce court date?
Can this be done without seeking approval from my spouse, and if so, how.
Asked on July 23, 2010 under Family Law, Missouri
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Unfortunately, if you take monies out of your I.R.A., part of those monies are considered your spouse's as well as part of the marital assets. If you take it out, and you do not inform your spouse, you will still have to account for it during the accounting portion of your divorce proceedings. If you did not inform your spouse when you take it (assuming you do not need both signatures if the account is in both of your names or in a trust etc), then it may be held against you during the divorce proceedings. Judges truly do not like spouses hiding assets from each other, and your reasoning to take the monies without informing the spouse may be seen as hiding assets to not only impact spousal support and child support but the ultimate amount each is awarded when properties are split.
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