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Safeguarding your plans for retirement at the end of a marriage

| Nov 9, 2020 | Family Law

There are a multitude of factors that play a role in the process of preparing to enter retirement, and you might spend decades planning and saving for this stage of life. Even so, having a strategy for every possible future circumstance can be quite a task, and any unexpected changes could alter your future.

Dissolving a marriage is one example of a life experience that could affect your plans for retirement in various ways. If you face a similar situation while approaching or after entering this stage of life, you might be wondering about your options to help keep your retirement strategy on track.

Preparing for divorce

When it comes to facing a divorce near retirement age, there may be certain topics to address that are unique to your situation. Some steps that could help you better prepare to protect your interests may include:

  • Taking inventory: Taking inventory of your marital assets and obtaining the true value of each in turn may help you understand what is at stake as you work on a strategy for what comes next.
  • Dividing assets: Taking steps to better understand property division laws in Indiana and information regarding the types of information to gather prior to entering the process could also be imperative.
  • Retirement accounts: As retirement and investment accounts can be complex in nature, seeking information on vital topics to consider regarding such assets could influence the choices you make.
  • Looking to the future: When facing a divorce late in life, looking to the future and figuring out what is important to your life could prove vital to safeguarding your goals for life ahead.
  • Making changes: It could also be helpful to revisit your current retirement plans and determine if it might be helpful to consider making some lifestyle adjustments.

In addition to knowing how to prepare to dissolve your marriage, it could also be in your best interests to seek insight on some of the steps to take after finalizing the process.

New chapter in life

While your divorce will inherently affect your finances, it does not necessarily have to derail your retirement plans. Understanding your options and focusing on what is important to your future could help provide you with insight on areas in which adjustments to your plans might be necessary. Taking steps to address the necessary topics could help you create a strategy to protect your future interests as you work toward preparing to enter the golden years of your life.