In a divorce where there are retirement assets like a 401k or IRA being divided – what are the tax implications when this happens? If I’m forced to give ½ my IRA to my ex, do I have to pay early withdrawal penalties and taxes? Many people feel that this is where the real pain can come in. But it's simpler than most people realize. #shorts #divorcedwoman... ( read more )
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Divorce is a difficult and emotionally draining process, but it can also have significant financial consequences. One of the most challenging aspects of divorce is splitting up retirement assets. Retirement accounts, such as 401(k)s and IRAs, are often the biggest assets couples share. However, dividing these accounts can be complicated and can have tax implications. One common method for dividing retirement assets in a divorce is throug...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)