All assets accumulated throughout the marriage, irrespective of who the owner is, it is usually thought of as marital property. In certain states, an appreciation of the value of a separate property might be considered marital too. If you happen to be undergoing a divorce, it is essential to analyze the financial downsides to having your IRA added in the list of assets you own, after the divorce. Keep in mind that there is a 10% penalty if you withdraw from your IRA before turning 59 1/2 years old.
Of course, when you are dealing with securities like an IRA, or any retirement plan, that are regulated by the government, there’s all the more reason to engage a competent Family Law attorney. To have any of your questions regarding division of marital property answered, give Brandon Legal Group a call for an initial consultation.