Divorce is tough on everyone, but it can also be tough on finances. In this story for NBC12, Michael Joyce says what he sees most often is people signing the divorce decree and then being surprised by the financial implications of the signed document.
Consider All Financial Ramifications Before Signing Finalized Divorce Decree
“I can’t stress enough that it is important to think about all the tax implications, maybe get some professional assistance before the divorce decree is signed,” Joyce said.
Michael adds that it’s more than just a matter of splitting assets. You could get hit with surprise taxes or fees you didn’t think about.
For instance, you may need help splitting a 401(k) equitably so as not to trigger a penalty for early distribution.
Hiring a Financial Advisor Can Help During Divorce Proceedings
While attorneys help with the legal side of things, a financial advisor could be a huge help to protect your assets through divorce proceedings.