The New York Times had an interesting story recently about how people should plan accordingly for retirement funding should they contemplate a divorce.
According to the Times, the divorce rate in the U.S. for people 50 or older has doubled since 1990, and it is expected to increase as the population steadily ages. The paper estimates that by 2030, 80,000 divorces will occur each year among people over the age of 50.
“These divorces can sabotage retirement plans as assets are cut in half and expenses as a divorced single rise,” the Times reported. “For some older people, emerging from divorce with retirement plans intact can be challenging.”
The paper recommended being careful with your funds prior to a divorce or as the process is taking place. Due to their older age, people over the age of 50 often have large pensions or retirement plans, which may lead to struggle, as funds are left on or off the table.
How Do I Save My Retirement Funds in a Divorce?
Working with an experienced divorce attorney and financial planner can help you forecast possible settlement opportunities, while navigating laws to maximize tax-free distributions for your retirement funds.
As this story shows, it is important to work with knowledgeable council during a divorce case involving valuable assets. Through high-quality council, many financial headaches can be resolved with proper planning and negotiations. Remember, retirement funds are marital assets that should be evaluated and equitably divided in a divorce.
If you have retirement funds you are worried about, you should speak to our family lawyers. Our team will look at your assets logically and attempt to safeguard them in court. Additionally, if you believe that your former spouse is hiding assets, we can also pursue a comprehensive investigation into potentially concealed items.
Let our attorneys help you. Our family law offices in New York or New Jersey can be reached through our online contact form.
Kantrowitz, Goldhamer & Graifman, P.C. – Rockland County Divorce Attorneys