Legal Question in Family Law in Alabama
divorce agreement
I signed with the understanding that I would receive 50% of an IRA when my ex reached 59 1/2. Attorney failed to disclose it would be 50%value at the signing day. No mention of this at signing. I would have never signed under those terms- Ex has received 6 yrs of what I feel should be mine. He didn't know of the terms until he turned 59 1/2 and he is willing to compromise his intregrity just because he can. Do I have any legal recouse at all. I think this was an ethics violation my his attorney at the very least but I know since I signed I was probably a fool but I had the upmost respect for this attorney and never thought I would be cheated out of my 50%
2 Answers from Attorneys
Re: divorce agreement
It would be 50% of the value on the day the divorce was granted, and it would include the 6 years in which that 50% as of that date has grown or accrued dividends or value increase. But it would not include any new contributions over the past 6 years.
Re: divorce agreement
Was a QDRO used to divide the IRA? If so, the IRA would be governed by federal ERISA law. Most plans provided by private employers are subject to the ERISA requirement that they honor QDROs. This is not necessarily the case, however, with many military and government plans. Sometimes marital division is not available in your plan. The best way to find out is to ask the plan administrator. It is quite possible that the plan would not allow for division after the signing date. One thing that ERISA prohibits is a benefit that exceeds the actuarial value of the participant's interest in the plan.
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