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Retirement, divorce and your financial future

When a Kentucky couple decides to move forward with divorce, it will bring significant financial changes for both of them. It is normal to have concerns regarding the potential impact that your divorce can have on your long-term plans, such as your retirement. It is beneficial to learn more about retirement and divorce, and the steps you can take to protect your interests. 

During a divorce, a couple will have to address all marital property, which includes money saved or assets accumulated over the course of the marriage. This also pertains to retirement assets. The division of many types of retirement accounts can be complex, but it is possible to pursue a final order that allows you to have a strong and stable future.

Will you need a QDRO? 

Any money added to retirement accounts while you were married are likely considered marital property, which means your spouse will have a rightful claim to a portion of it. A qualified domestic relations order is a document that outlines how distribution of retirement assets will work. Some types of accounts require a QDRO in order for anyone other than the account holder to receive assets from the account, but overall, a QDRO can be a helpful document. Consider the following information:

  • This type of document specifically outlines, in detail, the distribution of assets from the account.
  • It protects the best interests of both parties, ensuring both you and your ex-spouse will receive your rightful share of retirement assets.
  • A QDRO can help resolve future conflicts that may arise over retirement savings.

No matter what type of retirement accounts you have or your goals for your long-term savings during divorce, you would be wise to work with an attorney experienced in high-asset divorces and complex property division concerns.

Preserving your future financial interests

It is possible to emerge from your divorce with your financial interests intact. The end of your marriage does not have to mean the end of your retirement plans, but it requires you to be thoughtful and careful as you navigate the divorce process. You may have to adjust plans, but you can still have strong plans for your golden years.

You will find it beneficial to start with a complete evaluation of your case. This step will not only provide you with an explanation of your options regarding QDROs and your post-divorce retirement plans, it can allow you to look ahead with confidence. With support and guidance, you can secure a sustainable final divorce order that addresses your retirement assets fairly.

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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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