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You are here: Experts > Business > Finance > Personal Investment & Financial Planning Q`s > IRA divorce rules
Expert: John D Smith, CFP - 10/29/2009
Question
One of my best friends in the middle of a ugly divorce has an IRA that was supposed to be frozen(untouched) till the very end of their settlement/case, yet her soon to be ex-husband has made two separate withdraws of 17k and 5k of what was a 100k. It would have been an easy 50/50 split, yet with the market going up approx. 30%? since then(6/09) how does she figure out and get whats fair? is there a name for this accounting procedure? Thank you
Answer
Hi. Each state has their own set of rules in figuring splits between divorced spouses and the final determination will typically come down to what the attorneys and courts agree to. If the IRA account(s) were frozen, or supposed to be, and the other spouse withdrew funds in an unauthorized mannder, then your friend needs to make sure his/her attorney knows this so it can be factored in to the final settlement. This question is really something for the specific attorney on the case. I hope this helps.
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