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Retirement and divorce: what's going to happen to my savings?

Divorce will certainly have a long-reaching impact on various areas of your life, including your finances. In addition to spousal support and child support, you will find that it will affect your long-term financial situation as your divorce may also require the division of retirement assets.

The impact of divorce is long reaching, which means that you would be wise to consider the long-term ramifications of any decisions you make, not just the short-term. While marital assets are subject to division in a Texas divorce, it does not necessarily mean that you must set aside your long-held dreams for your golden years.

Understanding what could happen to your retirement

While all marital assets are subject to division in a divorce, that does not mean that your retirement plans are ruined. It depends largely upon the type of plan, the value of the plan and who paid into it.

While some couples must trudge through a difficult court battle to reach a final divorce order, you may find that you and your soon-to-be-ex-spouse are able to work on a negotiated agreement, which may allow you more control over the division of retirement accounts. When it comes to your divorce and your retirement, it can be useful to understand the following:

  • If you go to court, the court has the authority to designate part or all of a retirement account to one spouse.
  • Accurately determining the true value of long-term savings accounts and retirement plans is a critical component of fair and equitable property division.
  • Depending on the nature of the plan, the payee may not have access to the retirement assets until the other spouse's retirement or death.

Every divorce is different, and you have the right and option to seek a settlement that suits your unique needs and objectives for both the immediate future and well into the future.

Your retirement, your future

You have worked hard to build your savings and plan for the future. While the end of your marriage will certainly bring significant financial changes, it does not necessarily mean that your plans for retirement have come to an end as well. When you work with a knowledgeable legal ally, you can fight for a strong post-divorce future. 

Whether it is at the negotiating table or in the courtroom, you do not have deal with your post-divorce retirement concerns alone. By reaching out for help, you can learn how you can protect your future and fight for your long-held dreams.

 

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Sutton Milam & Fanning, PLLC
1521 Austin Ave.
Waco, TX 76701

Phone: 254-633-3048
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