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How divorce can impact your retirement

New York couples facing divorce are worried about settling immediate concerns, such as child custody and living arrangements. In the midst of the complex process of ending a marriage, it is easy to lose sight of matters that will be important in the future, including retirement. As a major life event and legal process, divorce will impact long-term savings. 

Financial matters are some of the most complicated aspects of divorce. It is not easy to extricate years of shared finances and assets, which is why it is important for New York individuals to have a legal team that is specifically working to protect their interests. When couples are able to work together on a divorce agreement, an opportunity to have more control over the final resolution may be presented. This could be particularly important for older couples who are closer to retirement age.

During a divorce, a person has the right to seek protection for certain assets. However, it is likely that the recently divorced will face a retirement setback. A divorce can impact the age at which a person is able to comfortably retire and when they are able to draw Social Security benefits. In some cases, former spouses may be entitled to a portion of the other party's Social Security income. 

The end of a marriage will initiate many immediate changes, but will also affect a person's financial future. Going through a divorce with a strong financial future as one of the primary goals will allow a person to make wise decisions regarding retirement, long-term savings and other assets. With guidance and knowledgeable legal counsel, it is possible to build a strong financial foundation after divorce. 

Source: minutemannewscenter.com, "Resetting your retirement after divorce", Jason Alderman, April 15, 2015

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