Many individuals in Georgia and elsewhere spend numerous years saving and planning for the golden years. However, despite one’s efforts, it can be difficult, if not impossible, to plan for every potential change in life. When facing the end of a marriage, one may have concerns about how the outcome of a divorce might affect his or her plans for retirement.
The division of marital assets will inherently have an impact on a person’s financial standings, even if only temporarily. Before entering negotiations, one may find it beneficial to gain an understanding of how investment and retirement accounts will be handled in the process. When dividing similar assets, it is advisable to ensure the necessary documentation is obtained beforehand, as attempting to do so without it could result in devastating tax consequences.
While a person may have less income stashed away for retirement following divorce, he or she may also have fewer expenses to plan for down the road. By forming a new strategy and budget, an individual could still be able to retire at his or her preferred age, or as close to it as possible. Even if the period of work is prolonged, one may find that divorce could lead to a better situation in time.
Those who have concerns about how a divorce might affect their plans for retirement could benefit from seeking counsel in the early stages of the process. By speaking with a family law attorney, an individual could gain valuable insight into making informed decisions regarding the future. An attorney in Georgia can address a client’s concerns and assist in pursuing the best outcome possible during legal proceedings.
Source: fool.com, “Can Divorce Destroy Your Retirement?“, Wendy Connick, Accessed on Nov. 6, 2017