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How divorce can impact retirement

For those who divorce close to retirement, there are some special considerations. Among the biggest concerns is whether one spouse was the primary breadwinner, leaving the other one with little to no savings for retirement.

Another worry for many people in that particular situation is whether they will have enough time to save toward the type of retirement they have planned, when they no longer have a spouse to help contribute. For many people who are divorcing near retirement age, another worry may be that the other spouse handled the finances, leaving them a bit lost as to what direction to take. 

Getting Control of Finances

Taking control of your finances after a divorce includes retirement savings, and if you don't already have a sizeable amount the time to get started is right now. Even if there are other bills or payments, saving for retirement shouldn't be something that's pushed aside. Instead, it should be treated as another bill, and something that has to be paid. That way you'll be less likely to skip it, or put it off for another time, and you can get started on making sure you will have a reasonable retirement fund, even if you divorce as retirement approaches.

Asking for What's Fair and Equitable

Don't be afraid to ask for what's fair when it comes to retirement. If you stayed at home and raised children for many years while your spouse worked, it's generally not realistic to simply let your spouse keep all of their retirement savings in a divorce. You may be entitled to some of that because you had a job, as well. You took care of the house and the children, and had you not done that you would have been working. The loss of the money you would have made and the retirement savings you would have accumulated can often be compensated through the divorce proceedings.

Getting the Help That's Needed

An experienced attorney can help you move through the divorce process as easily as possible, even if you find yourself close to retirement at the time of the proceedings. We understand the unique financial challenges that come with divorcing when retirement is looming on the horizon, and how such a drastic change at that stage of life can require some adjustments and course corrections. With the right attorney on your side, you can have help toward the best possible outcome for your needs and situation. 

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