Retirement concerns for those facing divorce in New Jersey | Lane & Lane, LLC
Lane & Lane, LLC Lane & Lane, LLC
The Experience To Find Your Solution
Call Today: 908-524-0788
Toll-free: 888-533-9154

Retirement concerns for those facing divorce in New Jersey

Many individuals in New Jersey and elsewhere place a great deal of importance on saving and planning for the golden years. Those who are going through the end of a marriage may have concerns about how the process might affect their plans for life moving forward. Since divorce will likely have an impact on one's financial situation, an individual may find it beneficial to reassess his or her retirement plans and make adjustments where necessary.

One of the major concerns for those who are facing divorce surrounds the process of property division. In equitable distribution states, such as New Jersey, the division of assets in divorce doesn't necessarily have to be equal, but it must be fair. Along with the potential of transitioning from a two-person income to life on one's own, having to divide retirement and investment savings could leave a person with concerns about the future.

In some cases, an individual may be able to retain his or her current plans for retirement, while in others, adjustments may be required. Although a person's income could see a reduction, he or she may also need less to retire alone. With proper planning, one might see only a minor change in his or her strategy for the future, and may even find that divorce could lead to a better situation over time.

Individuals who are going through a divorce may wish to safeguard their future against undesirable consequences, but they might be uncertain how best to proceed. When facing a similar circumstance, a person could speak with a family law attorney for advice in covering every aspect of the process. An attorney in New Jersey can address all a client's concerns and provide advice on how to pursue the most favorable outcome possible regarding his or her future during divorce proceedings.

Source: fool.com, "Can Divorce Destroy Your Retirement?", Wendy Connick, Oct. 13, 2017

No Comments

Leave a comment
Comment Information