Divorce is a major transition in a person’s life. When getting divorced, it can be important to give some thought to another big life transition, one’s future retirement. Specifically, it can be important to pay close attention to issues regarding retirement savings during and after a divorce.
During a divorce, how a couple’s retirement assets end up being divided can have considerable impacts on one’s future retirement. It is also important to consider the special rules related to splitting up retirement assets during a divorce, such as the necesssity of a Qualified Domestic Relations Order or other Court Order. Skilled Florida divorce attorneys understand the importance and complexity of retirement asset division in a divorce. They can help individuals address retirement asset issues (such as issues regarding pensions, 401K plans or IRAs) in division of property matters.
Also, various things in the aftermath of a divorce could have implications related to retirement savings. For one, a divorce generally leads to a major change in one’s financial and overall life situation. In light of these changes, a person may find that their goals and aims related to saving for retirement have shifted. Certain actions may be necessary to properly adjust to this shift.
So, both during and after a divorce, it can be important for a person to be aware of and give careful consideration to what actions and measures they can take to promote their overall goals related to their future retirement.
Source: Forbes, “5 Retirement Moves For Recently Divorced Couples,” Marilyn Timbers, April 27, 2017