We know how emotional the divorce process can be and the weight that ultimately puts on your finances.
As a Certified Divorce Financial Analyst®, Donna regularly works with people to help them navigate many of the emotional decisions that need to be made. And with more and more gray divorces taking place, an added layer of complexity gets introduced as you have to strongly consider retirement with each outcome.
On part one of this conversation on divorce and financial planning, we focused solely on the house and what factors go into determining how to settle that large asset. On part two today, we going to tackle all the other large assets like retirement accounts and tell you what steps you should be taking and the taxes that might impact your decisions.
Here’s some of what you’ll learn on this episode:
- The asset(s) you choose might have significant tax implications that you need to factor into the decision. (3:31)
- What is a QDRO and what does it mean for retirement savings accounts? (5:42)
- Why we always recommend clients look at their beneficiaries on retirement accounts during this process. (9:02)
- How to take cash from a settlement and make them retirement funds. (10:55)
- The first steps any person thinking about divorce should be taking to prepare their assets. (12:50)
Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/