What to do about my ex-husband’s IRA’s and a divorce?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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 11 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.