There has been a worldwide increase in divorce rates since the pandemic began. Increased time together, social distancing from community, and global economic and health stress have put added pressure on relationships that may have already been struggling.
This is not a topic we enjoy covering, but it’s reality and we want to help.
If you or someone you know is going through a divorce, it’s important to understand that the financial assets of a couple, including their retirement assets, are often split. Unfortunately, if mistakes are made during this process, it can lead to one or both spouses paying unnecessary taxes and penalties, making their divorce even more stressful. From properly splitting retirement accounts to naming new beneficiaries, there are crucial steps that must be taken to ensure retirement assets are managed in the best way possible during a divorce.
Tune in and take control. The long-term effects of the pandemic are beginning to really set in for a lot of us.