Separation Agreement


#1

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#2

Dear brank:

Greetings. Yes, you can transfer funds from one IRA to another under a Separation Agreement. Transfers between spouses that are “incident to divorce” or pursuant to a separation agreement are tax free. So as long as you are transfering IRA funds to her IRA - no tax consequence. If you pull the funds out of the IRA, convert to cash and give to her, then there is a consequence. Thank you.

Janet L. Fritts
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

301 McCullough Drive Suite 510
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#3

Can you transfer an IRA from one spouse to the other as part of a Separation Agreement? Would there be any taxes if you keep the money in the IRA?