QUESTION
Am I entitled to the IRA money during a divorce if it was opened prior to the marriage?
Asked on Jul 20th, 2013 on Divorce - Texas
More details to this question:
I opened and contributed to an Internal revenue allotment prior to my marriage in 2000. No money was ever added to the Internal revenue allotment.
4 ANSWERS
Family Law Attorney serving Peoria, AZ
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The Law Firm of Jessica M. Cotter, P.L.L.C.
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Property owned prior to a marriage, to which no contribution was made, and no change in the names on the property occurred during the marriage should be classified as separate property, not subject to division in a dissolution. You should consult with an experienced family law attorney to discuss your rights in community property, and how to verify that property is separate property.
Answered on Jul 23rd, 2013 at 11:02 AM
Alternative Dispute Resolution Attorney serving Chandler, AZ
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Cox Sandoval Law, PLLC
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It appears that if you made absolutely no contributions during the marriage and you can show that the IRA contributions were solely made prior to marriage, then that IRA would be considered your sole and separate property. It does not get factored into the division of property during a divorce.
Answered on Jul 22nd, 2013 at 12:34 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It is possible that will be considered a desperate asset. Need more facts.
Answered on Jul 22nd, 2013 at 10:20 AM
Divorce Attorney serving Frisco, TX
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Mackoy, Hernandez, Jones and Woods LLP
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The amount in existence prior to the marriage is separate property and the court cannot award it to your spouse. If the investment has earned interest or dividends during the marriage, that income is community property. I suggest you hire a lawyer.
Answered on Jul 22nd, 2013 at 10:19 AM