One of the most terrifying parts of divorcing your spouse in Ohio can be the reality that you are now alone, independent and in charge of taking care of yourself without the support from another person. While this thought may be a bit freeing at the same time, it will be critical that you begin planning for your future to give yourself the best chance at enjoying a successful and stress-free life. At Gregg R. Lewis, ESQ., we have helped many people who are dealing with a divorce to begin planning for their future in a manner that is organized and effective.
Because you may be consumed with making decisions about your immediate situation including child custody arrangements, finding a new place to live and the day-to-day demands that a divorce creates, you may not have had a second to consider the fate of your retirement planning in this situation.
According to Next Avenue, if you are legally awarded your former spouse’s retirement account under a QDRO agreement, should you need to prematurely withdraw any money from your retirement account to offset the costs of your divorce, consider withdrawing the amount you need before you roll the remains into an IRA. If you roll the money over and then request to withdraw money before you are 59 1/2, you will be subject to the same 10 percent withdrawal fee as everyone else. So, if you are under 59 1/2 and have the option of taking over your ex’s retirement account, withdraw any money that you will need before it is permanently rolled into an IRA.
When you understand how to avoid compromising your retirement future during your divorce, you can more confidently make decisions that will prolong your financial health and put you in a better position to enjoy life in your later years. For more information about divorce, visit our web page.