Jump to Navigation
FREE INITIAL CONSULTATIONS CALL US TODAY 631-615-1758
Call Us Today: 631-615-1758

Divorce can take toll on retirement planning

The dissolution of a marriage is not an easy process. Not only does divorce take an emotional toll on those going through it, but it can also be financially upsetting. Retirement is one area that is especially impacted by divorce in New York and elsewhere.

Research shows that half of households might not have adequate retirement savings. However, among households where two spouses have divorced, the likelihood of having insufficient retirement savings is even higher at around 57 percent. The reason for this is that divorce can be financially devastating, thus causing those who experience it to fall behind in saving for retirement.

In light of this, it appears that a major shift is needed in how people think about retirement. Traditionally, people have focused on accumulating enough savings to retire in the future. Now, it may behoove them to also create plans for generating income during their retirement years. For instance, annuities may be helpful in that they offer guaranteed lifetime income that can supplement income from other steams of retirement income. Consulting a financial advisor or planner may be helpful for determining the best approach for planning for retirement following divorce.

From a financial standpoint, the ideal divorce situation is if two spouses can find common ground regarding the division of their assets during informal negotiations or divorce mediation. If they can make these types of processes work for them, they can avoid further court intrusion. An attorney in New York can provide the guidance needed to ensure that a divorcing spouse's financial best interests are protected during each state of this type of family law proceeding.

No Comments

Leave a comment
Comment Information
[an error occurred while processing this directive]

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
FindLaw Network Subscribe to this blog's feed
Contact

Judd & Moss, P.C.
3505 Veterans Memorial Hwy, Suite S2
Ronkonkoma, NY 11779
Phone: 631-615-1758
Fax: 631-981-9004
Map and Directions

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.