What to do about my ex-husband’s IRA’s and a divorce?

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What to do about my ex-husband’s IRA’s and a divorce?

I am under age 59 1/2 and the process of a divorce process. Today, I received a court order in which the court divided my IRA’s accounts and the IRAs of my soon-to-be ex-husband by 50/50. How can I get part of my spouse’s IRA? What can I do to avoid penalties for early withdrawal? My soon-to-be ex-husband told me that I should wait until the divorce is over, is this true? Or can I go to the bank with the court order to get my 50/50 (I have copy of the court order in my hands)? What is the process to get my money? Should I go with him to the bank or can I do it by myself with the court order? Note: All of my IRAs accounts will be divided, so where should I transfer the money that I will get from his IRAs’ accounts ?

Asked on December 27, 2012 under Family Law, California

Answers:

Cameron Norris, Esq. / Law Office of Gary W. Norris

Answered 8 years ago | Contributor

You should open a new IRA in your own name, take that Court order into the financial institution and transfer your interst into your new IRA account.  It doesn't really matter if you wait or do it today.

Best of luck.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country the court can legally divide your former spouse's IRA's as part of your marital settlement agreement. In order to avoid potential penalties for an early withdrawal you might consider having the money transferred to your own IRA account.


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