Question regarding IRA

Question

Ca. is a community property state. My wife has an IRA worth around $50,000. In the event of a divorce or legal separation am I entitled to half of this amount?

Answer 1

First you would subtract out the balance prior to your marriage. That was hers from before. You may be entitled to half of the balance. You need to check with the plan administrator. There are some plans that are exempt from community property laws. Remember that she gets half of what you have also.

Answer 2

Most likely yes, but it depends on how long your marriage was, when the IRA was started, and a few other issues that really, only an attorney licensed to practice in the state of CA would be able to answer for you.

Don't go spending your 'half' - beforehand though, you could get yourself in some NASTY trouble :-(.  

Answer 3

Maybe.  If it was purchased with separate funds, an inheritance for example, or before you got married, it would not be community property and you would not be entitled to any part of it.