How do I claim IRA funds after a divorce?

I am recently divorced as of October 2016. In the divorce decree, I am entitled to part of an IRA that was after we were married. I am not sure how to go about collecting my part of the IRA. The lawyer I had for the divorce only dealt with the divorce. In the decree, there is statement that I am entitled to some of the IRA. How do I go about collecting the funds or whom I need to contact to figure this out?

Marriage / Divorce, IRAs
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February 2017

This should be pretty straight forward. As long as this is an IRA and not a 401(k) or other workplace retirement plan, you should be able to have your share released to you with just a copy of the divorce decree. If it is an active workplace plan such as a 401(k), you will need a QDRO or Qualified Domestic Relations Order which must be drafted by an attorney. If you don't have an IRA in your name established yet, you will need to to do that. It can be opened where your ex's IRA is or you can choose a different custodian.

To eliminate any taxes or penalties on your share, you want to do a direct transfer from your ex's IRA to yours. If you take it in cash, you will be subject to taxes and a possible penalty.

Good luck

February 2017
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