Legal Question in Family Law in Texas
Per divorce decree, my ex is to give half of the proceeds from home to me. The home is paid for in full. The settlement date has passed, and he now decides that he should pull from his retirement fund instead (He kept his retirement per divorce agreement) I want to work this out, but I am wary of the tax implication. Suggestions? I now live in Texas, the home in question is in Virginia
1 Answer from Attorneys
The home is probably exempt from capital gains income taxes, but the retirement account withdrawal is subject to both income taxes and possibly a penalty. You need to assure that you receive a net amount for the entire amount owned. Also, how do you calculate what half of the proceeds would be if you don't actually sell the residence.
From the sound of your request, the divorce took place in Virginia (or at least not in Texas). You need to contact an attorney there because that is where the case will likely be.
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