If you have already reached your golden years and wondering if you truly want to stick around your spouse for the rest of your days, it’s important you understand what will happen to your retirement. Many people search for a peaceful and more stable environment as they age. It’s a natural tendency that some may not agree with. Some prefer the young and the restless lifestyle and that’s fine. Whatever side of the coin you pick, make sure you understand the implications. Ask our Westlake Village retirement division attorney about ways to protect your finances and make your life easier in the years to come.
Retirement accounts are marital property. That’s right, whether 401K or IRA you will be very disappointed when you find out that all the money you have been saving all these years is split between you and your spouse. Perhaps you feel comfortable right now because there is only one mortgage to cover but watch when the money goes to different homes. This is exactly why some people choose to sell their homes and share the profit.
This is also an important part of the whole process. People that haven’t been married for a long time won’t have to provide as much spousal support. However, long-term marriages will have to provide spousal support for life. It’s important you think about all these details as they will definitely influence your retirement after divorce.
Couples who have been married for over 10 years are entitled to half of the social security benefits from their spouses. Whether you choose your social security benefits or your spouse’ you should consult an attorney about how your decisions can impact your finances. If you remarry, for example, chances are you won’t be able to claim your ex’s Social Security. But if your ex remarries you will be able to claim your share.
Divorce can not only affect your finances but also your emotional life. We all hear about stories of celebrities coping with divorce after being married for a long time. It’s not easy but it’s possible. You may get caught in everyday routines and forget about your emotional life. Your spouse is there for you no matter what but you are not happy and you both know it. The romance is long gone and even a desire for companionship is absent from the picture. Life isn’t fair but life is true and you must choose what’s right for you. Remember you don’t know how many years you have left. Spend them in peace and enjoying life.
Retirement is around the corner and also divorce yet you have no idea what to do. At some point you realize you can’t handle these important legal aspects on your own. Whether you choose to retire or to continue working, consult a Westlake Village retirement division attorney about possible problems in the horizon. It’s never too late to start all over again.