My friend was awarded a Self-Directed IRA in her divorce, final as of November 2005, which turned out to contain a promisory note dated August 27, 1999. Her Ex had loaned the entire amount to a friend and never collected it back. Was her Ex obligated to advice the court the IRA was a loan in default? Would the court have assumed it had real value otherwise?
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Awarded Worthless Self Directed IRA
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When did she discover the promisary note? If recently, she should be able to take her ex back to court and may be able to be awarded the monetary amount the IRA would be worth plus interest. Yes, he should have notified the court that he loaned the money and the loan was in default. He probably loaned the money to the friend who in turn gave it right back to him. How are the dates connected? Did he know in August that the she was going to be awarded the IRA or that she was asking for it in the divorce? He may have broken the law if the assests were suposed to be "frozen" until the divorce was final. If she can't go back to the divorce court, she may also be able to sue in civil court if the IRA was substantial and it is wortth her time to pursue it.
seniorjudge
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My friend was awarded a Self-Directed IRA in her divorce, final as of November 2005, which turned out to contain a promisory note dated August 27, 1999. Her Ex had loaned the entire amount to a friend and never collected it back. Was her Ex obligated to advice the court the IRA was a loan in default? Would the court have assumed it had real value otherwise?
You need to get ahold of your lawyer.
Sounds like the judgment in your lawsuit needs to be modified.
During the divorce (2004) the Ex listed it as US Bank IRA #xxxxxxxxx, valued at $61,336. My friend has now seen the promisory note and it states "...Promisory Note Dated August 24, 1999 at 9.00% Due August 25, 2000 in the face amount of $65,000." He left her and filed for divorce sometime in 2004, approximately 3+ years after US Bank claims the note was due and defaulted, US Bank claims nothing was paid back. It seems that the Ex knew full well their was no value in the IRA when he listed it as a real asset. And by the way, he agreed to transfer this to her custody instead of having posting a $70k bond for a stay of execution which the court gave him. Contempt?
seniorjudge
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Follow Seniorjudge's advice above. You mention "US Bank IRA"; is he or she not from this country?
Yes.
It's not contempt.
It sounds like fraud on the court.
Like I said, get in touch with your lawyer today!
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