Expert advice on protecting yourself financially during a divorce
Third marriages have the highest divorce rates – 73%, per Forbes
(InvestigateTV) — While 37% of couples getting divorced cite financial problems as one of the reasons for splitting, according to Forbes, dealing with finances after a divorce can still be very tricky.
Michael Joyce with the financial firm Agili said what he sees most often is people signing divorce decrees and then being surprised on the financial side.
“I can’t stress enough that this is an important thing to think about: all the tax implications. Maybe get some professional assistance before the divorce decree is signed,” Joyce urged.
Joyce said it’s more than just a matter of splitting assets. Divorcees could get hit with surprise taxes or fees of which they were unaware.
For example, splitting a 401(k) could trigger a penalty for early distribution.
While attorneys help with the legal side of things, a financial advisor could be a huge help to protect assets through those proceedings.
NerdWallet has a free resource on 7 Ways to Ready your Finances for Divorce.
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