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How A High Asset Divorce Impacts Retirement

On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Wednesday, August 17, 2016.

The rate at which aging baby boomers are choosing to end their marriages continues to grow, impacting retirement and other significant financial matters. Many older couples have valuable assets and/or have set aside funds for retirement, but a divorce can significantly alter such plans. For many of these individuals, a high asset divorce is a complex process to navigate.

When baby boomers divorce, the most common disputes involve retirement, business interests and alimony. It is critical to know how to protect one’s financial interests when retirement is on the horizon. The complexity of these issues necessitates the assistance of a Kentucky attorney who is experienced in these matters, particularly pertaining to the long-term well-being of an older divorced individual.

Divorce proceedings typically involved the division of retirement savings, including pensions and 401(k) accounts. This, in addition to any spousal support that must be paid to a dependant spouse, can alter a person’s retirement timeline. Negotiation is key when it comes to finding a solution that allows a person to retire on time while still meeting his or her financial obligations. Of course, the details of these arrangements are based on the financial capabilities of the couple at the time of their divorce.

Any Kentucky divorce can be complicated, but it can be especially complex for people who have been married for decades. The financial intricacies of a high asset divorce can be daunting, but this process does not have to be faced alone. A baby boomer considering this step would be wise to seek legal counsel regarding the protection of his or her financial interests.

Source: Fox Business, “Can You Lose Your 401k in a Divorce?“, Casey Dowd, Aug. 11, 2016

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