How does divorce affect my retirement?
Many people start the divorce journey in a certain mindset and often neglect to think about a long-term game plan that includes your retirement and how that will affect your financial landscape.
Here are some questions we like to ask our clients regarding how their divorce will change their retirement picture:
- How will my 401K & IRAs be distributed?
- How will my pension plan be affected?
- Will my current age change how my retirement is handled?
- If I’m over 50 years old, how will that change my pension?
- Will my Social Security benefits be impacted?
- How will the divorce influence the Social Security spousal benefits?
- Will my pension portfolio change if one of us remarries?
- I began saving for my retirement before our marriage, how will this portion of my retirement funds be distributed?
- Is my ex-spouse entitled to this part of my pension?
- Can certain tax rulings change my retirement?
When you and your spouse agree to utilize the collaborative divorce process and stay out of court, you can work together with your lawyers, neutral financial divorce experts, accountants and advisors to craft a settlement that will consider both your short and long-term needs and ideally set you on a path toward achieving your retirement goals.
Our team at Family Divorce Solutions is a group of well respected, experienced and collaboratively trained attorneys, mental health professionals/divorce coaches and financial professionals who work as a team to reach a complete and satisfactory resolution for everyone involved. Having neutral financial professionals review your financial situation while in the process of getting a divorce can better prepare you for your future, including retirement.
Contact us today to see how we can help you and your family navigate through the divorce process, with the end goal of having a respectful and peaceful divorce.
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.
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