You've worked you backside off to save for retirement.
As a result, your IRA has grown significantly.
Now your spouse wants a divorce.
Does your spouse get part of the IRA that you worked so hard to save?
Yes.
IRA plans are subject to "equitable distribution" in a NJ divorce.
The relevant period for the sharing of an IRA is "the duration of the marriage", which in New Jersey is defined as from the date of your marriage until the official date of the filing of the divorce complaint.
Whatever amount of money came into the plan during that time period is subject to the claims of your spouse.
It is commonly understood in the context of IRA's that the result in a roughly equal split.
To navigate the division of an IRA, a systematic approach is essential.
The first step is determining how much of the plan constitutes marital property, i.e., the portion accumulated during the marriage.
If any part is considered separate property, valuation becomes necessary to establish a fair distribution.
Valuation for an IRA is typically straightforward
The final step involves the distribution of the IRA assets, necessitating adherence to specific rules to avoid tax penalties.
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Until next time,
Steve
Steven J. Kaplan, Esq.
Specializing In Divorce
Throughout New Jersey
5 Professional Circle
Colts Neck, NJ. 07722
www.KaplanDivorce.com
(732) 845-9010
