Does an IRA get split in a divorce?
If an IRA is to be split as part of a divorce, the split must be included in the divorce agreement. After divorce is final, forward the divorce agreement to the IRA custodian in order to process the division of IRA assets. The funds should be transferred directly to the ex-spouse’s IRA.
Is an IRA a marital asset?
Other than these exceptions, property acquired during the marriage is usually marital property. Even a retirement account, which can only be in an individual name (there is no such thing as a joint IRA) is marital property if funds are contributed to it from earnings during the marriage.
How much does an attorney charge for a QDRO?
As a result, drafting a correct QDRO can cost more in legal fees than a client anticipates. Additionally, as detailed in this article in Bloomberg News, each plan charges a processing fee for their hoop jumping – a fee that can range from $500 to $1,200 or more – just for simple paperwork authorized by law.