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Retirement plans should consider divorce possibility

Texas couples may want to try to fund their retirement plans equally as a way of ensuring more financial equality. Doing so may also protect both of them in case of a divorce. One way of approaching this is for each to adjust the percentage they are depositing into the account to make the amounts equal. However, it is also necessary to consider the likelihood that the retirement accounts will not perform equally well and make adjustments accordingly.

People usually do not want to contemplate divorce when they are thinking about marriage, but doing so may lead to sounder financial decisions whether or not the marriage lasts. For example, it is better for both people to try to be financially responsible instead of having one person handle all the household finances.

Skills such as budgeting and bill-paying are critical for everyone to have. As people approach retirement, they need to consider how they will use those skills to shift from being income-dependent to depending on their retirement account.

Over a lifetime of work, retirement accounts can grow to represent substantial assets, and protecting them may be critical for financial security after a divorce. Older couples facing divorce may have accumulated other assets as well ranging from investments to art collections to vacation homes. In a high-asset divorce, people may have businesses or stocks. One spouse may be concerned that the other is attempting to hide assets. A person who is considering filing for divorce might want to begin by gathering as many financial documents as possible and meeting with an attorney to discuss how best to proceed.

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