My ex-wife and I agreed to a certain formula to divide our retirement accounts and the court adopted our asset division formula in the divorce decree.
We are currently dividing the retirement accounts and have agreed to the division amounts based on our understanding of the agreed upon formula.
My question is will my IRA account custodian accept our agreement or will they insist on their own calculation?
Since I am only licensed to practice law in Wisconsin, I can only provide you with general divorce help for men to your divorce laws question.
Property division during a divorce is ultimately up to the discretion of the court, but parties are free to make their own agreements. If the court adopts your agreement, it becomes the enforceable order of the court.
If the division you submit to the account custodian is based on the court's order and is acknowledged by both parties, the custodian should accept and distribute the funds accordingly. The custodian has no interest in the outcome of your account and, therefore, has no reason to object to your duly executed instructions.
Financial Advice On Divorce:Dividing Retirement Plans
Normally, financial institutions will review your proposed division and pre-approve it before submission. I recommend contacting your IRA custodian and running your proposed division formula past them before submitting the paperwork.
Remember, I am unable to provide you with anything more than divorce tips for men, so please consult with a divorce lawyer in your jurisdiction.