What will your divorce mean for your golden years?

You probably have ideas for what you hope to do with your retirement years. No matter how old you are or how soon you hope to retire, a divorce can affect your plans for your golden years. If you are facing the end of your marriage, it's smart to make decisions that will allow you to have a strong and stable future. 

As you know, divorce requires the division of marital property. Marital property includes everything that you and your spouse bought, earned or accumulated over the course of your marriage. This includes various types of retirement accounts. You may have serious concerns about what this will mean for your long-term security, but there are steps you can take now to secure your future interests.

Practical tips for your divorce

It's inevitable – divorce will impact your retirement savings in some capacity. The good news is that you can do certain things that will allow you to purposefully seek a fair financial agreement that allows for your stability and security long-term. Whether you will likely go to court or you and your spouse will work together on a negotiated agreement, the following practical tips may be useful for you: 

  • There is no one-size-fits-all solution to divorce agreements. You may be able to negotiate with the other party about a reasonable solution regarding what will happen to your retirement accounts.
  • It's probable that you will have to adjust your plans for retirement. It's smart to make peace with that fact and start thinking about ways you can adjust and adapt with reduced savings and income.
  • Go ahead and find out if you will be able to seek Social Security through your spouse's work history. This is possible if the marriage lasted at least 10 years.

With a reasonable perspective and a focus on what will work long-term, you can pursue a final order that allows you to have a prosperous future, even if it is a little different from what you originally imagined it would be.

Start with the end in mind

Indiana readers know divorce is a difficult process, and it's easy to allow the emotions to overwhelm you. While having strong feelings is normal, your emotions do not always indicate what will truly be best long term. It is smart to think clearly about your future, even if that means setting aside feelings temporarily. It can also help to seek experienced guidance regarding the potential legal options available to you.

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