How to avoid mistakes splitting up 401(k) money in divorce
Divorcing couples can face enough agony as it is dividing up possessions and agreeing on custody of children, let alone retirement assets.
Yet that nest egg often represents a divorcing couple’s largest pot of money. And if the process for the division of those assets is not done properly, there can be a steep price to pay in taxes, penalties or an unintended amount of money going to an ex-spouse.
Even if you have an attorney — whether for a courtroom battle or mediation — experts say it’s important for splitting couples to understand what’s at stake.
“You are own best advocate in divorce,” said certified financial planner Ann Zuraw, president of Zuraw Financial Advisors in Greensboro, North Carolina. “You might think your lawyer won’t [miss anything], but you should really know.. Read the entire article by Sarah O’Brien on MSN.com
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