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The effects of divorce on retirement plan assets

When people in Michigan begin the process of ending a marriage, they will have to reach terms about how to divide all marital assets, including retirement plans. The funds within retirement plans frequently represent a substantial asset for one or both spouses. The type of retirement savings plan determines how taxation could occur upon the distribution of funds at the completion of the divorce.

Considerations for older people wanting divorces

While divorce rates have fallen among younger people, they have increased among those who are older than age 50 over the past few decades. Michigan couples may decide to get divorced when they are older for many reasons, but it is important for them to carefully consider the potential repercussions of ending their marriages.

How to handle a spouse hiding assets

Michigan residents who are about to go through the divorce process may be bracing for the worst. It isn't uncommon to worry about a spouse hiding assets or taking other unsavory actions during this process. However, it is possible that a spouse is taking steps that a judge may frown upon. Therefore, it is a good idea to get as much information about marital assets as possible.

Divorce considerations for people 50 and older

Michigan couples who are 50 and older might be more likely to get a divorce than in earlier decades. Since the 1990s, the divorce rate for this age group has doubled. These so-called "gray divorces" present a number of potential problems since people have been married for many years and may have acquired a number of assets.

How taxes change after a divorce

People in Michigan who are going through a divorce will need to file their taxes differently after the divorce is final. In the year that the divorce or separation is finalized, the person will be considered single or head of household, if there are dependents, for that tax year. Following an annulment, people must amend open tax returns they filed as married.

Safeguarding retirement savings during a divorce

Married couples planning for retirement in Michigan are likely counting on joint income and savings to support themselves later on. If a divorce occurs, this can greatly hinder one's retirement goals. In addition to losing the help of another spouse, retirement funds could be subject to division. However, there are some ways to protect retirement savings.

Financial planning for post-divorce life

Michigan couples who are ending their marriages and have a variety of assets might also need to carefully plan for financial changes during the process, after the divorce has been finalized and even in how the divorce might affect their estate planning. Anticipating these issues in advance might prevent some mistakes that might become very costly in the future.

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