This week on Marriage Is About Love Divorce Is About Money®, Gabrielle Clemens, JD, LLM, Certified Divorce Financial Analyst, and Accredited Estate Planner discusses the financial aspects of divorce, focusing on the division of retirement and non-retirement assets.

She emphasizes the importance of understanding tax implications and the processes involved in equalizing assets during a divorce, covering the distinction between marital and separate property, the complexities of qualified plans, and the necessary steps to ensure a fair division of assets.

Key Insights:

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• Retirement vs. Non-Retirement Assets: It’s essential to differentiate between retirement and non-retirement assets when dividing them in a divorce
  
• Challenges of Commingling Assets: By keeping a clear record of pre-marital assets and working with your attorney, you can better identify what remains solely yours
  
• IRA Transfers: A straightforward option for dividing retirement assets. A “Transfer Incident to Divorce” can move funds without tax penalties if enough is available in an IRA
  
• Tax Planning in Divorce: When dividing retirement assets, be cautious of tax implications, especially if taking distributions before 59.5 years of age, as early withdrawals can trigger both income taxes and a 10% penalty
  
• And more!
  

Resources:

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• “Marriage Is About Love Divorce Is About Money®” by Gabrielle Clemens
  

Connect with Gabrielle Clemens: 

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• LinkedIn: Gabrielle Clemens 
  
• Instagram: @gabbyclemensdivorce
  
• GabrielleClemens.com
  
• Phone:  (781) 910-4770