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Keeping retirement plans on track during divorce in California

| Aug 7, 2018 | divorce/marital dissolution

For many individuals in California, having a plan in place for retirement might be an essential part of life. However, when forming a strategy, planning for every possible scenario in life can be a difficult endeavor. Those who are going through a gray divorce may have concerns about how the process will affect their futures and the steps they can take to keep their plans for retirement on track.

With nearly half of all marriages ending in divorce, going through the end of a marriage is a reality for many individuals. For those who are entering retirement age, the impact a similar process will have on their finances could be a major concern. In many cases, retirement and investment accounts will be included in the division of property, and dividing similar accounts can be a complex process.

While the division of property will inherently have an impact on a person’s financial standing, it doesn’t necessarily spell the end of one’s retirement plans. Since those who are closing in on the golden years of life may have fewer options for earning additional income, it may be advisable to re-evaluate current plans and make adjustments where necessary. Even if a divorce causes one to push back his or her retirement plans for a year or two, it could still be the healthiest decision in the long run.

Those who are entering retirement age may consider it vital to protect future plans during divorce negotiations. Without the necessary legal experience, a person could be uncertain how to achieve this goal. Fortunately, there are attorneys who can provide a person in California with guidance on covering every aspect of divorce and subsequently assist him or her in navigating the process.