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How Retirement Impacts a Divorce

In Separation & Divorce by Elizabeth Stephenson

Retiring comfortably is the dream for many American couples. We work hard, try to send the kids to college, and make long-term investment decisions so that one day we can stop working and enjoy ourselves. Even if just one spouse was employed, the law views retirement benefits earned during a marriage as marital property. This is because the spouse who made a career sacrifice to manage the home and raise the children allowed the other spouse the opportunity to earn money for retirement. Valuing and equitably dividing retirement benefits are an incredibly important aspect of the divorce process. This is because retirement benefits generally constitute one of the most valuable assets that make up the marital estate. If you think about your parents or friends who have retired, many primarily …

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Financial Guide To Navigating Life’s Changes

In Wealth by Chauncey Minnick

The only constant in life seems to be change, and navigating the way forward can be confusing and complex.  Divorce and splitting of financial assets can be one of the most challenging changes in life, however with a little planning, preparation, and a few financial tips you can avoid mistakes and gain some peace of mind. Spitting Investment Assets It might seem like your primary residence is the biggest asset in a divorce, but don’t overlook investment accounts like 401ks, Traditional and Roth IRAs, etc.  These accounts can hold hundreds of thousands of dollars, and serious financial implications if divided incorrectly.  First, 401ks and other tax-deferred accounts should be specified in a proper legal documentation prepared by your family law attorney.  Second, IRAs can be transferred tax-free through IRA to …