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Subject:  IRA and divorce ? Date:  6/12/2003  2:19 PM
Author:  L2J Number:  65799 of 128135

My son and DIL are divorcing after 11yrs., currently, just separated. Thus far all has been guardly, friendly and mutual consent to end the union. She has gotten the lawyer and he hopes to avoid using one (trying to save a few $ ), disagreeing with Mom & Dad's opinion. Under the circumstances we felt they should jointly have gotten a divorce lawyer but...
Both seem to agree that the marriage was a mutual mistake but the lawyer is definitely representing his client.

My question is regarding an IRA that my son had converted from former employer's 401k. The lawyer recommends that IRA be split, 55% to DIL and 10% to our preschool grandson. I'm not sure of the exact details but I believe the suggestion is to close the IRA and distribute funds. Divorce or not this will incur tax and penalties, true? Would there be any added implications that I should alert my son about?

Thank-you, HaGD, L2J
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