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How could you protect retirement savings in a divorce?

On Behalf of | Sep 21, 2021 | Divorce |

Saving money for retirement stands as an important goal for responsible persons. Some may plan their retirement savings decades in advance, but they never anticipated their marriage would fall apart. Protecting retirement savings becomes a top priority for many headed to a Florida divorce court. Hopefully, the settlement process could lead to an equitable outcome for both parties.

Retirement planning and divorce proceedings

Performing a critical financial audit could help someone know what his or her net worth is. A thorough accounting of all assets and allows someone to understand how sound finances currently are. Gaining a clear picture of a financial situation helps prepare a spouse for divorce settlement negotiations. Sometimes, a little research could uncover debts or assets the other spouse has but never mentioned.

Before venturing into divorce proceedings, a spouse may benefit from understanding some less-than-desirable outcomes could be unavoidable. For example, the other spouse might receive half of a pension someone worked hard to attain. Individual retirement account funds may end up split after a judge okays a qualified domestic relations order. Divorcing spouse might need to prepare for these rulings.

Other matters to consider before divorcing

Although someone might believe something “rightfully” belongs to him or her, a judge could see things differently. Understanding what marital property is and subject to an equitable division early in the process could lead to realistic expectations during the divorce proceedings.

Being reasonable during the settlement negotiation process might work in everyone’s favor. Examining options for mediation may reveal solutions when the two spouses are at an impasse.

A married couple might face some troubling times, but that doesn’t mean the union ends in divorce. A post-nuptial agreement could help ease tensions in the marriage and potentially protect retirement savings if a divorce becomes unavoidable. Perhaps a postnup is worth exploring.