Financial planning before a divorce is finalized

Published: Jan. 4, 2021 at 8:28 AM EST
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RICHMOND, Va. (WWBT) - Divorce is tough on everyone, but it can be especially difficult on your finances.

Michael Joyce with the Richmond financial firm AGILI says what he sees most often is people signing the divorce decree and then being surprised on the financial side.

“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 said.

Joyce 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 401k more equitably that doesn’t trigger a penalty for early distribution.

While attorneys help with the legal side of things a financial advisor could be a huge help to protect your assets through those proceedings.

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