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Family law: Reducing the impact of divorce on retirement plans

Individuals in Washington and elsewhere may put a great deal of thought into the decision to end a marriage. For those divorcing late in life, addressing certain issues could be crucial to protecting their plans for retirement. With numerous aspects to cover, one facing a similar situation may find it beneficial to speak with a family law attorney for assistance in navigating the process.

Divorce will inherently have an impact on one's financial standing, which could be a concern for those closing in on the golden years. However, there may be certain steps one can take during this process that could prove beneficial. Perhaps one of the first steps could be gaining an understanding of how retirement assets are divided, as well as any potential tax ramifications that may apply.

An individual may also want to consider the long-term value of each asset, such as the family home. While some may wish to retain possession of the home, relinquishing possession of other assets in favor of sole ownership may only be appealing at the time. In equitable distribution states, such as Washington, the division of marital assets must be equal, but additional factors such as tax penalties and housing markets can make the process significantly more complex.

When seeking to secure one's plans for retirement during divorce, one may find it advisable to seek guidance in the early stages of the process. By speaking with a family law attorney, a client in Washington could obtain advice in covering every crucial aspect. An attorney can address a client's concerns and wishes and assist in pursuing the best possible outcome during legal proceedings.

Source: Forbes, "Does Divorce Derail Retirement?", Larry Light, Accessed on Aug. 14, 2017

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