Moving into retirement with comfort following a late life divorce

If you have put years of planning and saving into retirement, chances are, you probably do not want to let anything derail your preferred timeline. Unfortunately, life is often full of unexpected changes, one of which may be the end of a marriage. Perhaps you and your spouse are considering taking separate paths moving forward, you might have concerns about the potential consequences of a late life divorce.

With the potential of having less to tie them together, such as young children, some couples might begin to grow apart or feel as though they would be better off alone. There may still be a certain amount of financial strings that keep you attached, and if you wish to break these strings, proceeding with caution may be in your best interests.

Key factors in a late life divorce

Retirement accounts can be exceedingly complex, and dividing such assets can have devastating consequences if you do not take the necessary precautions. Some crucial factors that you will likely want to consider when dissolving a marriage near retirement age may include the following:

  • Transfer of IRA funds: Attempting to transfer IRA funds from one party to another without the presence of a divorce decree could result in devastating tax ramifications and penalties.
  • Transfer of other retirement funds: For non-IRA retirement accounts, you will have to acquire a qualified domestic relations order, or the amount may become taxable income as well.
  • Importance of due diligence: Any errors to the necessary documents, such as in the QDRO, can have disastrous consequences, and ensuring all documents are properly prepared might save you a great deal of trouble down the road.
  • Necessary changes: After divorce, certain changes may become necessary, such as an update to beneficiaries. However, adjusting this information before obtaining a divorce decree could have undesirable consequences.

Perhaps you find the thought of moving into retirement alone somewhat exciting. Although you may be eager to begin a new chapter in your life, you might want to obtain guidance and assistance in properly preparing and finalizing previous circumstances before moving forward.

Advice moving forward

The division of property and assets may be one of the more crucial factors for those who are divorcing near retirement age. Since a divorce at this point in life can be complex, you could consider retaining the services of someone with experience in every aspect of the process, including complex retirement assets. A family law attorney in New York can address your financial concerns and wishes and assist you in pursuing a fair and equitable portion during divorce proceedings, which could help you enter retirement with peace of mind.

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