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Benefits of a QDRO

If you and your spouse are contemplating getting a divorce in Ohio, one of the big concerns you may have is about how to accurately split up your marital assets and debts. Like many other couples, your retirement account savings may be among some of your most valuable assets. The thought of losing half of these savings can be difficult to consider but even worse is the thought of paying high amounts of taxes or penalties by withdrawing money form a 401K account prematurely.

Is it too late to file for a divorce?

As an older resident in Ohio, you may be wondering if you're past the age where divorcing your spouse would be possible. However, "gray divorce" - or the divorce of older couples - is on the rise as more people just like you realize that it's never too late to live your best life.

QDROs and taxes

Ohio residents who may be splitting retirement account funds in a divorce settlement should understand how and what this may mean from a tax perspective. Employer retirement accounts like 401K accounts are held in only one person's name. Under normal circumstances, that named participant is the only person legally allowed to receive money from the account. In addition, any distributions made to that person that are outside the scope of retirement may be subject to early withdrawal penalties or taxes.

Don't forget the green during a gray divorce

As an older woman considering divorce, you may believe that you have limited options or that you may do better to simply stay married. However, this line of thinking does not have to prove true to your situation. Rather than accept an unhappy marriage and life, you may wish to consider what difficulties you could potentially face and how to deal with them in order to move forward.

The potential complications of a gray divorce

Divorce is a difficult process, no matter what stage of life you are in, but the end of a marriage can be particularly complex for individuals nearing retirement. Gray divorce is a term used to describe a divorce between two individuals over the age of 50, and this decision comes with unique financial challenges for Ohio couples.

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