Transfer incident questions

[Guest Jaybee]

Morning all and greetings, I'm brand new to this forum.

My sister will be filing for divorce imminently, whilst moving out of the marital home. She's in New Orleans, and while I appreciate the rules differ from state to state and that this seems to be an NY board, an explanation of the equivalent laws in NY would be fine for the purpose of further research.

Her Roth IRA is worth slightly over $1m , and she has copies of all paperwork in relation to this. Her children are all adults and established, only the youngest remains at home. For this month she has minor credit-card debts totalling no more than $6000, but will be debt-free at the time of filing.

I have several questions in this regard;

1) Is there any way her husband could contest the divorce to deliberately prolong it beyond the initial six month period? There's been no adultery or illegality on her part;

2) Typically, what are the waiting times between the Court granting a divorce and setting a date for the transfer incident, and the actual transfer?

3) Typically, what ways can spouses delay, legitimately or otherwise, the setting of the transfer incident date, or overrun it?

Many thanks,

Jaybee

[K2retire]

When my father was divorcing from his 3rd wife 10-15 years ago, Louisiana required that a couple be legally separated for 2 years (with no cohabitation during that period) before they would grant a divorce. I don't know if that is still the case, but her attorney should be able to answer that question very quickly.

[mbozek]

Morning all and greetings, I'm brand new to this forum.

My sister will be filing for divorce imminently, whilst moving out of the marital home. She's in New Orleans, and while I appreciate the rules differ from state to state and that this seems to be an NY board, an explanation of the equivalent laws in NY would be fine for the purpose of further research.

Her Roth IRA is worth slightly over $1m , and she has copies of all paperwork in relation to this. Her children are all adults and established, only the youngest remains at home. For this month she has minor credit-card debts totalling no more than $6000, but will be debt-free at the time of filing.

I have several questions in this regard;

1) Is there any way her husband could contest the divorce to deliberately prolong it beyond the initial six month period? There's been no adultery or illegality on her part;

2) Typically, what are the waiting times between the Court granting a divorce and setting a date for the transfer incident, and the actual transfer?

3) Typically, what ways can spouses delay, legitimately or otherwise, the setting of the transfer incident date, or overrun it?

Many thanks,

Jaybee

Couple of points to consider:

1. LA is a community property state with its origin in french law for which there are no comparable laws in the other 49 states. NY is an equitable distribution state where the judge has discretion to divide up the marital property but property acquired before the marriage or by gift is exempt from marital division.

2. Most posters on this board are experts in retirement plans not divorce procedures. Your sister's divorce counsel would be better able to answer your questions.

3. Roth IRAs are property subject only to division under LA law. Roth IRA can be divided by a divorce decree and part of it transferred tax free to the other spouse.