What will happen to my retirement savings during divorce?

You know that your divorce will have a significant financial impact. You may be concerned about how this decision will affect your retirement, even if you still have many years to go before you can stop working. No matter where you are in life at the time of your divorce, it is prudent to make decisions with a strong financial future as your goal.

Both New Jersey and New York are equitable division states, which means that the court will divide all marital property, including retirement assets, fairly. If you wish to keep your case out of the courtroom, you must be willing to work with the other spouse on a property division agreement that is reasonable and fair.

Important factors to consider during divorce

From the very beginning of the process, it is critical to work with a lawyer who is dedicated to your best interests, particularly your financial interests. During a divorce, all marital property must be divided, which is any asset accumulated over the course of the marriage. This includes any retirement savings earned by either spouse.

As you consider your retirement goals and the distribution of marital property, consider the following:

  • Years to retirement
  • Amount of money saved in pensions, savings accounts and 401(k)s
  • Future earning potential
  • Job skills
  • How much you need to retire comfortably
  • Known health care needs

These factors will impact your financial health both immediately after the divorce and in the years ahead. After careful consideration of your situation, your lawyer will assist you in seeking a settlement that is tailored to your goals and hopes for your retirement years.

A strong future in sight

It is a fact that divorce will impact your retirement savings. However, it does not have to completely derail your long-held dreams for the future. Whether you avoid litigation or the court decides how your marital property will be divided, an experienced lawyer is an invaluable ally during this complex process.

You have worked hard over the course of your career to save for retirement, and you can protect your future with the right help. Take control of your future by knowing your rights and gaining a complete understanding of the options available to you.

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Attorney Philip A. Greenberg represents clients in New York and New Jersey. To schedule a consultation, call 646-363-6807 or contact him by email. He can meet with you in his Manhattan office or in a location convenient to you.

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