When dissolving a marriage, dividing assets can be challenging and stressful, which can be especially true for those divorcing later in life and nearing retirement. The divorce rate among those over the age of 50 has doubled over the last two decades. This can leave individuals wondering what they are going to do about their retirement and pensions. Family law professionals can assist those going through this process in Georgia.
Retirement and pensions are two of things most fought over during the divorce process. When two parties both have careers and are able to create their own retirement accounts, the tension can be minimal. However, this is not always the case. For other spouses, dividing all of their shared finances, assets and debts can create friction.
As couples go through divorce later in life, the process of dividing property can be much more complex and will have a greater impact on one’s retirement plans. One party may decide to give up more assets up front in order to lessen alimony or maintain a larger portion of the retirement. For this reason, it is crucial that those involved in a divorce understand their financial situation, including retirement plans, pensions and investments.
A thorough understanding of these financial assets and other property can help parties work through property division. Family lawyers with experience handling divorce can assist with the process and provide information on how things like retirement plans can be split and what options one has throughout the process. Those in Georgia considering divorce, including Baby Boomers and others, can protect their retirement with the guidance of a professional.
Source: foxbusiness.com, “Can You Lose Your 401k in a Divorce?“, Casey Dowd, Aug. 11, 2016