The costs of divorce can be huge and far reaching. When you’re younger, divorce can negatively impact children, and everyone in the family can have a tough time picking up the pieces. When you’re older, divorce can be a blow to retirement plans, and you might even find yourself retiring later or looking for a part-time job to supplement your income. Even if you’ve planned well for retirement, chances are you never planned on getting divorced in midlife or beyond. Questions arise regarding divorce pension rights, dividing retirement assets, and more. If you find yourself single now that you’re headed toward retirement, it’s vital that you regroup, reorganize, and rethink your finances in order to better plan for the reality of your new single life.
Huge changes come with divorce across all aspects of life. Your finances are certainly not immune and it’s important to understand and protect your pension rights. Couples already in or approaching retirement will find this to be even more important. Couples will typically have all sorts of assets but retirement plans and funds are often one of the largest. They must be divided fairly and in accordance with the law. It’s critical to understand your divorce pension rights when dividing these assets; otherwise it will be extremely difficult to ensure you get your fair share. Don’t let your divorce ruin all that you have worked for and saved toward retirement!