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Retirement and divorce: the financial impact

When a person is approaching retirement, any major life changes could impact one's ability to move forward with future plans, including a divorce. As Kentucky readers may know, the rate of divorces for people age 50 and up is increasing, which has brought to light the sensitive financial issues that come with a gray divorce. As divorce will certainly have a financial impact, it is reasonable to assume that retirement plans may require adjustment.

If a person is nearing retirement, it is important to carefully evaluate how divorce may impact savings and future costs. It is expensive to run a home on one income, and it may be necessary for some to continue working past their anticipated retirement age. Other issues, such as health care costs, future earning potential, taxes and more, should be considered before making any important decisions or agreeing to a proposed settlement. 

An experienced lawyer can ensure that a person receives his or her fair share of all marital property, including savings accounts, retirement nest eggs, investment portfolios and other valuable assets. There could be negative tax penalties if certain assets are acquired, and how and when an ex-spouse determines to take a pension could also impact financial standing. These are complex and sensitive issues, and they should not be navigated alone.

With careful planning and guidance, it is possible to make the most out of retirement accounts and pursue a strong post-divorce financial future. This is best done by securing the help of an experienced Kentucky lawyer as soon as possible, even before divorce papers are filed. Divorce is difficult, but the right legal ally can help protect one's interests and long-held retirement dreams. 

Source: usatoday.com, "Nearing retirement and thinking about divorce? What to consider", Arielle O'Shea, Oct. 15, 2016

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Tasha Scott Schaffner, PLLC - Attorneys at law

505 Centre View Blvd.
Crestview Hills, KY 41017

Phone: 859-491-1011
Fax: 859-491-1899
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