Michael Joyce, Agili President
In this story for NBC12 that has been distributed nationwide, Michael Joyce tells Rachel DePompa that it’s important to consider all financial aspects of a divorce before signing the divorce decree.
Watch the story hereTax Implications and Other Fees following a Divorce
“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.
Dividing Retirement Accounts
It’s important to consider the tax implications of a divorce. Splitting a 401(k) – and withdrawing funds early — may trigger a penalty. Having a trusted advisor to help protect assets is a big help.
NerdWallet has a free resource on 7 Ways to Ready your Finances for Divorce.