Your marriage has taken a turn for the worse. You are now smack dab in the middle of the divorce process, and the heat is being turned up every day, in every way.
Your mind is going in many different directions, and you do not know what to focus on first.
At Marriage Financial Solutions, we can reduce your worries and concerns by helping you develop a solid financial plan that can protect your retirement assets.
Here are a few thoughts to explore on how to safeguard your retirement accounts:
- Don’t use your retirement savings to pay for your part of the divorce proceedings
You will get hit with penalties & taxes if you are younger than 59 ½ years of age
If you are unsure how early withdraw will change your account balance, make sure to contact us first
- Social Security
The Social Security laws are particular when they come to splitting funds
If you have been married for more than ten years, you may be entitled to receiving funds from your spouses Social Security
- Splitting up your account
Make sure to include all totals when determining the full balance of your account before dividing it
Try coming to an amicable agreement with your spouse when it comes to each of your retirement accounts
- Dividing up taxes, penalties and fees equally
Forgetting these factors could tilt the scale unfavorably for both of you
Divorce is challenging, but protecting your retirement savings doesn’t have to be.
Our advisors at Marriage Financial Solutions can help you understand how to protect your retirement accounts.
Reach out to us today to see how we can help!
Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.