Getting divorced at any age can have a significant impact on your finances. It is important to understand how your divorce may change your retirement goals, especially if you are close to retiring.
News reports continue to show that the divorce rate among couples over 50 increased during the last 25 years. Older couples often have more assets to divide during the divorce process, but it is vital to address how your retirement savings will be split so you can effectively plan for your retirement.
Dividing retirement savings can be a difficult process. Older couples in Fort Worth should be aware of how their retirement assets may be divided. This includes paying attention to the details of how certain retirement accounts will be split.
Will the retirement assets be split by 50 percent so each party gets an even amount? Will the entire account be split or only the amount earned during the time of the marriage?
These are important questions to ask as they can make a huge difference in the amount of retirement assets you receive in the divorce settlement. The division of retirement assets can also play a role in how other assets are divided depending on your specific situation.
For some individuals, it may be more beneficial to receive fewer retirement assets in exchange for a larger portion of other assets or property. However, older couples should keep in mind their retirement goals before making any final decisions when it comes to negotiations and work with a divorce attorney to fully understand all of their options.