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early distribution from his individual retirement account (IRA).
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. At the time the petition
was filed, petitioner resided in Millburn, New Jersey.
Petitioner was married to Kathleen O. Bougas (Ms. Bougas) on
December 27, 1969. On July 11, 1996, petitioner and Ms. Bougas
were separated. On April 6, 1998, in a Dual Judgment of Divorce
Incorporating Property Settlement Agreement (divorce judgment)
filed in the Superior Court of New Jersey for Monmouth County
(New Jersey court), petitioner and Ms. Bougas were ordered
divorced.
The divorce judgment, inter alia, ordered petitioner to pay
(1) a lump sum of $150,000 tax free to Ms. Bougas, (2) Ms.
Bougas’s credit card debt of $46,714.41 to various credit card
companies, and (3) a $10,000 attorney’s fee to Ms. Bougas’s
lawyer. Further, the divorce judgment contains a provision that
petitioner’s 401(k) and IRA accounts shall be his sole and
exclusive property, free and clear of any claims by Ms. Bougas.
No provision exists in the divorce judgment dictating that
petitioner must pay the ordered obligations from his IRA account.
The divorce judgment did not provide for a specific source of
funds from which petitioner was required to pay his divorce
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