I am under age 59 1/2 ,and I am in 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). how 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 my IRAs accounts will be divide... so where should I transfer the money that I will get from his IRAs' accounts ?
This is a question for a financial advisor, not an attorney.
Attorney Williams practices FAMILY LAW throughout the State of California. The response provided in this forum is not intended to create an attorney-client relationship. The information offered in this response is for general informational purposes only and should not be relied upon without further consultation with a legal professional after all relevant facts are disclosed and considered. DANIEL S. WILLIAMS, ESQ. LAW OFFICES OF DANIEL S. WILLIAMS 500 LIGHTHOUSE AVENUE, STE. A MONTEREY, CA 93940 (831) 233-3558 -- OFFICE (831) 233-3560 -- FAX
Speak with a CPA about opening an IRA and about a tax free rolling over of your husband's IRA into that account.
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You will need to use a QDRO (Qualified domestic relations order) to move these funds without penalty. You have to get the QDRO form to the administrator of the retirement account.
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