Legal Question in Family Law in California
Retirement
I'am takeing a lump sum distrbution for retirement and also have a 401 K savings plan.I had intended to roll it over int my I.R.A. account. My wife brought up the question, with all the money in my I.R.A. what is there to keep me from running off with this money.What would happen in the event of of a divorce. Is there a way to divide this money equally into each of our I.R.A.'s with out a tax penelty at this distribution time.
Asked on 10/24/00, 12:04 am
1 Answer from Attorneys
Ken Koury
Kenneth P. Koury, Esq.
Re: Retirement
No, you can transfer the funds into your wife's name. Unless you want to pay some very serious tax consequences, the money must be kept in your name. In the event of the divorce, she would still be entitled to a portion of it based on the amount of the community contribution.
Answered on 11/30/00, 2:54 am
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