Inherited individual retirement accounts (IRAs) often accrue interest during a marriage, but the question of whether the financial asset should be considered marital property or shared property during a divorce is up for debate.
Retirement Accounts and Divorce in Arizona
There are no definitive guidelines, set precedents, or rules that regulate a court’s decision on what to do about inherited IRAs during a divorce. Sometimes, these assets are being split up in divorce proceedings; in other cases, the money is considered separate property. With IRAs, the ex-spouse is allowed to be named as a new beneficiary to the policy. The IRA holders accept the transfers, and nearly all owners are complying with these court orders, despite a lack of official rulings on this controversial issue.
Courts are increasingly deciding to share these IRAs as part of the property division that occurs during a divorce, so it is important to talk to a legal representative when you have concerns about your IRA during a divorce in Arizona.
Contact Hard-Working Scottsdale Divorce Attorney Karen A. Schoenau Today
Respected divorce attorney Karen A. Schoenau has been helping clients work through their divorce issues for over 20 years. It is normal to feel overwhelmed with questions, concerns, doubts, and confusion during this difficult period of your life. Attorney Schoenau can help protect your rights and best interests throughout this process. If you have questions about how your inherited IRA could be impacted by your pending divorce, then reach out to the Law Office of Karen A. Schoenau today. Call (480) 725-1438 or fill out the online form now. The law firm has an office located at 14301 N. 87th St. #211, Scottsdale, AZ 85260.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.