Heymann & Fletcher

Intangible assets, taxes important to consider during divorce

When people get divorced at an older age in the state of New Jersey, it is often known that one spouse had handled all of the household finances during the marriage. For Baby Boomer couples, it is often the husband. However, a recent survey showed that women are more likely than men to make wise financial moves following a divorce.

According to the survey, women have a higher chance of boosting their retirement savings and seeking out jobs following the dissolution of a marriage. They are also more likely to pursue financial advice to improve how they spend their money after their marital split-ups. However, based on the survey, men and women are similar in the sense that both genders may struggle with worsening spending habits following divorce.

When divorce happens near retirement age, it can be beneficial to consult a financial planner for guidance on how to manage personal finances. Understanding the financial consequences of various divorce settlements is also paramount. Likewise, knowing the tax implications of a given settlement is critical.

During the divorce negotiation process, an attorney in the state of New Jersey can explain how a possible divorce settlement may impact one's financial situation long term, including how it may affect existing retirement plans. In some cases, working longer is necessary to rebound from the financial blow that divorce can deal to a pot of retirement savings. However, righting for a fair share of assets can help one to be on as strong a financial footing as possible following the dissolution of a marriage.

Source: accountingtoday.com, "Women are more likely to take positive financial steps after a divorce", Michael Cohn, Feb. 9, 2017

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