Can an IRA be split in a divorce?
Can an IRA be split in a divorce?
SPLITTING AN IRA Unlike qualified retirement plans such as 401(k) and defined benefit pension plans that must be split via a qualified domestic relations order, or QDRO, IRAs are split pursuant to divorce decrees or marital separation agreements, or MSAs.
Are IRAs considered marital property?
Retirement accounts are marital property, which means they are subject to equitable distribution. Depending upon the length of the marriage, the funds deposited in the retirement account(s) before the marriage are reserved to the individual who brought them into the marriage rather than being divisible.
Do I need a QDRO to split an IRA?
A qualified domestic relations order, or QDRO is not required to divide an IRA in a divorce action. All that is required is a simple order within the decree, or other order. However, there are a variety of special tax rules that affect how an IRA is distributed.
How long does it take for a divorce to be final in Connecticut?
30 to 90 days
