If my spouse & I assume different households, can we legally divide financial assets, ie IRAs & other investments?

Asked about 2 years ago - Zephyrhills, FL

If we can, how should we proceed? By doing this, I could continue to be covered by my husband's health insurance. We live in Florida. We are both retired and agree to split assets half & half but the assets are currently in his name only. Thank You.

Attorney answers (3)

  1. Ruth Elaine McMahon

    Contributor Level 18

    5

    Lawyers agree

    Answered . Most likely, most of the assets could be split. We often split assets by using trusts, but it can be done in other ways. However, an IRA is a retirement plan and beneficiaries must be designated. The only way we have split an IRA is through divorce proceedings. The best way to handle a split and any tax consequences is to consult an estate planning attorney to assist you.

  2. Steven J. Fromm

    Contributor Level 20

    3

    Lawyers agree

    Answered . Both attorney offer sound advice. You need an estate attorney to get into the particulars and craft a program and documentation to effectuate it. Do not try this on your own, especially here where you have some very specific and special goals.

    For more on estate planning and other issues, see Estate Planning Mistakes: 5 Not So Easy Pieces at http://www.sjfpc.com/estate_planning_drafting_w.... Please hit the like button at the end of the article if you found it helpful.

    Hope this helps.

    Please remember to designate a best answer to your question.

    Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336, his email address is sjfpc@comcast.net , for more tax, estate and business articles visit his website www.sjfpc.com. and blog

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more
  3. James P. Frederick

    Contributor Level 20

    2

    Lawyers agree

    Answered . I agree with Attorney McMahon. I would add that, while you may be able to liquidate the IRA, in order to accomplish this split, doing so would likely create tax liability and perhaps penalties, as well, depending on your husband's age. I agree that you should meet with an estate planning attorney to discuss this in more detail.

    James Frederick

    *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more

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