Tax consequences of liquidating an ira
However, if there are no restraints in place, then there is nothing that prevents you from accessing these funds.
However, the court will be able to trace what happened to the funds and, depending on what other assets there are of the marriage, the court can order that your wife receive other property that would have normally been awarded to you to compensate her for the funds that you accessed from the retirement accounts.
If you use the funds to purchase a car for her, there shouldn't be much of a problem.
But if you use the funds for something else, you might have to account for the liquidation during the divorce process.
I believe she has contacted an attorney but no paperwork has been filed.
I have several IRAs and stocks that I want to liquidate to purchase a car that she will have use of while I am deployed.
Once a divorce is filed, there is a prohibition against liquidating such funds.
Under Washington law, both spouses have the ability to manage community property for the benefit of the community.
But until; such an order is in place, you can do as you please.
Before you sell anything, please review you plan with your local JAG representative or a civil attorney familiar with the Servicepersons Civil Relief Act. Technically you can liquidate stocks before a divorce is filed; however most likely those funds will have to be accounted for during the divorce.
This includes any stocks and bonds and any IRA/401K contributions and accruals made during the time of the marriage.
If you liquidate any investments prior to the granting of the divorce, you raise two issues.
Once a divorce is filed, your spouse can ask the court for temporary restraining orders limiting the ability to dispose of assets pending trial.Tags: Adult Dating, affair dating, sex dating