If you are 50 or older and moving toward a divorce, it is likely that you have asked yourself this question. Divorce at any age will have a significant financial impact, but it is particularly complicated for those close to retirement. Since the financial matters at stake in what is known as a "gray divorce" could have an impact in the immediate future, you need an experienced, aggressive Texas attorney by your side.
You have worked for decades in order to build your savings and lay the foundation for a comfortable retirement. As the end of a marriage will require the distribution of all marital property, including retirement savings, you will likely find it necessary to adjust your plans and expectations.
What to consider during your divorce
Divorce can be a difficult process, and while it is normal to allow temporary emotions to guide your decisions and financial goals, this is not always the most beneficial choice. There are several important and practical retirement-related factors to consider during a divorce, including:
- The proper value of all retirement assets
- Your age at the time of divorce and years until retirement
- Career opportunities and future earnings potential
- The tax consequences and expenses of retaining certain assets
- Your ability to sustain a household on one income
- Outstanding debts
Your attorney can help you carefully consider all of the above, then develop a strategy and outline appropriate, reasonable goals for your final divorce order. The goal should not necessarily be to get everything that you want, but instead should focus on securing what you need for a strong, sustainable post-divorce future.
How can you protect your retirement assets?
When it comes to appropriately distributing 401(k)s, IRAs and pensions, it is critical that you receive a fair portion based on the contributions that you made over the course of the marriage.
Protecting assets and seeking a positive solution to your case is likely a top priority for you. As your future is of critical importance, you will benefit from the involvement of a Texas family law attorney as early as possible in the divorce process. Find out how you can leave this legal process with your retirement dreams intact and renewed hope for a happy, secure future.