Help clients take a long-term view to protect family wealth during divorce.Divorce can derail family wealth and affect generations far beyond just one couple.Even those who are not divorcing or contemplating divorce—including those beginning prenuptial planning—could benefit from knowing what’s at stake in the event of a divorce, be it their own or that of a business partner, parent, sibling, or descendent.
Don’t leave money on the table or with the tax man. Determining the proper division of retirement assets in a divorce and the actual distribution of these assets is very complex.Learn about the importance of the QDRO in splitting retirement plan assets in divorce.Each type of retirement asset must be handled in a different manner, so it’s important to consult with your tax advisor.
Learn about the tax treatment of alimony in a divorce and other considerations. The 2017 tax act changed the tax treatment of alimony for both the payer and the recipient.For divorces finalized prior to January 1, 2019, this new tax treatment does not apply and is grandfathered under the rules of the prior law.It is important to review your settlement agreement in light of today’s current tax laws, and consider modification of an existing agreement if appropriate.
