With some notable exceptions, property acquired during the marriage no matter whose name it’s in is typically considered marital property, including your IRA. In some states the increase in value of nonmarital property could also be considered marital property. If you are going through a divorce, it would be important to evaluate the financial advantages and drawbacks of having your IRA included in the list of assets you retain after divorce. Remember, the funds in the IRA cannot be accessed before you are 59 1/2 without paying a 10% penalty for early withdrawal.
Call the divorce attorneys at Brandon Legal Group for more details. We are able to serve you from St. Petersburg to Brandon, Apollo Beach to Lakeland. If you are in the greater Tampa Bay area, odds are we have an office near you.
