Finding ways to keep retirement plans on track during a divorce

Flicker, Kerin, Kruger & Bissada LLP

If you are approaching or have recently entered retirement age, you have probably spent years planning and saving for this stage of life. As such, you may wish to take every possible measure to keep your plans for retirement intact, but certain scenarios in life could make this goal somewhat difficult to achieve.

Should you and your spouse choose to take separate paths in life, you might have concerns that the outcome of your divorce might disrupt your plans. By taking steps to better prepare for what comes next, you could find yourself in a better position to keep your plans for retirement on track.

Preparing for divorce

While the outcome of your divorce will inherently affect your life, it does not have to spell doom for your retirement plans. Some tips to help you better prepare to safeguard this aspect of life during the subsequent process could include:

  • Knowledge of finances: Taking steps to gain a full understanding of marital finances could play a vital role in helping you form a strategy to protect your interests during negotiations and legal proceedings.
  • Available options: Knowing all the choices you might face concerning the process of property division and all the available options for each in turn could also help place you in a better position to protect your future.
  • Retirement assets: Since your retirement assets will likely play a significant role in your situation, understanding the potential tax ramifications involved and the steps associated with dividing such accounts could also prove imperative to making informed choices.
  • Lifestyle adjustments: It could also be helpful to revisit your retirement plans and consider adjusting your projected lifestyle, as this might help reduce the impact a divorce could have on your future.

It may also be in your best interests to consult with someone with experience in the area for insight on California state divorce laws, as these will likely have a significant influence on your situation.

Seeking advice

With the potential gravity the outcome of the end of your marriage could have on your future, knowing how best to prepare for what comes next could seem a stressful and intimidating endeavor. Prior to preparing a strategy for what comes next, you could find it beneficial to speak with someone with intricate knowledge of such matters for advice on all your available options. In doing so, you could obtain much-needed insight in preparing to pursue the most favorable outcome achievable concerning your future during divorce proceedings.

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