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America (Prudential). Petitioner was the sole participant in
this IRA. On or about January 29, 1992, petitioner and his then
wife, Cynthia Jones (Ms. Jones), commenced divorce proceedings in
the Ventura County Superior Court. As of 1994, petitioner and
Ms. Jones were completing their divorce and settling the division
of their property.
At petitioner’s direction, on May 26, 1994, Prudential
issued a check to petitioner for his full IRA account balance of
$68,121. Petitioner was 47 years old at the time of the
distribution.
On or before June 12, 1994, petitioner endorsed the
Prudential check over to Ms. Jones. Ms. Jones did not deposit
the IRA distribution check into an IRA or an Individual
Retirement Account.
On June 14, 1994, petitioner and Ms. Jones executed a 16-
page Stipulation for Judgment and Marital Settlement Agreement
(MSA). The MSA was filed with the Ventura County Superior Court
on July 15, 1994. The MSA had been completed in draft form as
early as April 1994. In relevant part, the MSA provides:
9. Property Awarded to Wife. Husband's interest
in the separate property IRA with Prudential Securities
shall be transferred to the respondent CYNTHIA L.
JONES, and thereafter will be her sole and separate
property.
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Last modified: May 25, 2011