Save Your Retirement Despite Divorce

The National Center for Family and Marriage Research at Bowling Green State University in Ohio has determined that the divorce rate doubled for people over the age of 50 between the years 1990 and 2010. This means that more and more individuals are divorcing after long marriages and once their kids leave the home.

When a couple has been married for many years, their finances will typically be intertwined. As a couple nears retirement, a divorce could jeopardize their ability to retire at the age that they want to. Sometimes, spouses will be offered a 50-50 split of assets in the event of a divorce. If the money is partly in cash, and partly in pensions, then it can be tempting to accept the cash.

But this can backfire, providing divorcees with short-term security but no long-term benefits. When deciding how to divide financial assets, divorcing parties should consider the current value of the asset, the liquidity of the asset, and the tax treatment of distributions. This can help to determine whether or not you should keep the pensions as they are.

Forbes encourages divorces to make sure to look the future and see what a decision will translate into in 10 to 30 years. Also, it is important to protect all insurance plans that will help to provide for a safe retirement in the future. If you want information about how to best divide your assets, you need to talk to an attorney at the firm today for more information. With the right lawyer on your side, you will be able to negotiate the best solution for you and end your marriage with the assets that you need to provide for a retirement in the future. Contact a San Fernando divorce lawyer at Cutter & Lax for more information.