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When a client came to his office bearing her new divorce decree, adviser Dale Russell became the bearer of bad news.

“Most attorneys think these annuities can be divided, and don't wait for the consequences.” Couples who work out divorce agreements on their own are even less likely to consider the financial consequences of splitting an annuity, and typically face surrender charges and loss of accrued living or death benefits due to excess withdrawals.

Russell, who hadn't been consulted before the couple began preparing for the split.

“This was essentially the only asset they had, and instead of my client's getting the 0,000 she expected, she's getting almost ,000 less,” he said, “It's a big problem, said adviser Lili A.

Fortunately, there’s a way to get around the tax costs.

Section 1035 of the Internal Revenue Code allows you to make an exchange from one annuity contract to another, without paying any taxes as a result of the transaction — thereby allowing you to switch to an annuity from a allows for the tax-free exchange of an annuity to a long-term care insurance contract, which in some cases may be more beneficial.

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