Divorce Solutions

Question #109

I have been married for almost three years and am now getting a divorce. In terms of Roth IRA contributions and marital vs. separate property: Are all IRA contributions considered marital property regardless of who put the money in the account as long as it is in one of the spouse’s names? My wife’s parents have contributed regularly to her account, and I want to see if this money is considered a marital asset.

The nature of the account is not controlling. It is the source of the funds in the account that is important. If either party earned the funds during the marriage, the funds would be considered marital property, and generally divided 50-50. In the case that you presented, the funds were not earned by either party but were a gift from your spouse’s parents, and a gift such as that, if held in an individual’s account, is not considered marital property; therefore, you have no interest in the amount which her parents have contributed.

Leonard M. Weiner, Esq./Divorce Solutions