How to Split Your Retirement Assets in a Divorce
Divorce is a very stressful period of time in someone’s life and with divorce comes the splitting up of assets.
In this installment of The Cautious Investor, Andrew Moyer, principal with W3 Wealth Management in Warren, discusses the ways you can split up your retirement assets without having to pay a penalty or tax.
There are two general kinds of retirement assets that often need to be split in a divorce, Moyer says. There are retirement plan assets and individual retirement arrangement, or IRA assets.
Examples of retirement plan assets are a 401(k), 403 (b) and a pension. These are often divided using a document called, QDRO, or Qualified Domestic Relations Order. This allows the retirement plan assets to be divided and moved between spouses without it being a taxable event.
IRAs can be moved between spouses through a trustee-to-trustee transfer without having to be subject to taxes.
Watch the video above to learn more.
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Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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