As you close in on retirement age, it’s only natural to think about everything the future will bring to your personal and financial situation.
One thing you may not be planning for is divorce. If you face this life change alongside retirement, it goes without saying that you’ll have to adjust your approach. Here are a few tips to consider:
- Shift your financial focus. Now that you’re going through divorce, you need to understand the impact it will have on you during retirement. In addition to the money you bring in, it could also change your monthly expenses and medical coverage (and that’s just the start).
- Property division. Did you know that most retirement assets are considered community property in a divorce? This means they will be split, thus changing your retirement plans forever.
- Career extension. Now that your retirement assets have changed, you may come to realize that you need to extend your career for a few more years. This can be disappointing, but it may be the best way to eventually realize your initial retirement goals.
At our law firm, we know that divorce is a big deal at any age. We also know that this is even more so the case right before or during retirement. Fortunately, we have the experience necessary to help people in this position.
You never want to face the divorce process, but if this happens around retirement age, you need to understand the impact it will have. Knowing where things stand upfront will help you avoid additional trouble in the future.