Legal Question in Family Law in Oregon
divorce separation of assets
I have been divorced for a couple years. My ex wife wants to now trade her rental for equal value of my IRA. Her attorney said we could just draft an agreement between us if the custodian would transfer the assets. Otherwise, he said it would take going through the courts and time. Is this legal to do? What are my risks? Thanks....
1 Answer from Attorneys
Re: divorce separation of assets
QUESTION:
I have been divorced for a couple years. My ex wife wants to now trade her rental for equal value of my IRA. Her attorney said we could just draft an agreement between us if the custodian would transfer the assets. Otherwise, he said it would take going through the courts and time. Is this legal to do? What are my risks?
ANSWER:
Her atty is correct. You would need a very carefully drafted document that would qualify as a "Written Instrument Incident to Divorce Decree." There is no standard form for this. It should be done by a lawyer who is familiar with both tax law and divorce law. Even then, there is always the question of whether the IRA custodian will accept the document or demand more, such as a specific court order.
L.D. Gorin
503.224.8884