Like many things in the United States right now, the stock market seems to be full of shocks and surprises on a daily basis. Financial gain in the stock market is never a given, but during a divorce, financial anxiety is already present, and a volatile stock market can increase that anxiety by leaps and bounds.
To come through your divorce with your financial security intact during a tumultuous stock market, you must be particularly strategic during the division of marital assets. This is also the time to have an experienced, highly skilled family law attorney from Mevorah & Giglio Law Offices by your side.
How Could the Market Affect the Division of a Marital Retirement Account?
Many working couples save for retirement by using IRAs or 401(k)s or by investing money in the stock market. A retirement account is known as a “qualified account.” When funds are removed from an IRA, the money is taxed fully, and if you are under 59.5 years old, you could be hit with an additional 10 percent penalty.