Summary of “Dividing Your Assets in a Gray Divorce”

With gray divorce on the rise-the divorce rate for adults over 50 has doubled since the 1990s, according to the Pew Research Center-both partners need to understand how to correctly split up retirement plans and other assets.
You need to follow specific rules for dividing 401(k) plans and IRAs, or one partner could take an unnecessary financial hit or face an unexpected tax bill.
Increasingly, divorcing clients own annuities, which are challenging to divide, says Jeff Kostis, president of JK Financial Planning, in Chicago, and a divorce financial planner.
You’ll also need to accept that retirement plans are among the assets you’ll need to divide.
Partners who hold retirement plans don’t always understand this, says Peggy Tracy, owner of Priority Planning, a tax preparation and financial services practice, in Wheaton, Ill. “They’re shocked they have to share it,” she says.
Some couples are tempted to simply split plans themselves.
Planners usually separate Roth IRAs from other retirement assets and split them in half, says Tracy.
Find a divorce financial analyst through the Institute for Divorce Financial Analysts.

The orginal article.