Experience, Passion & Personal Attention
Our attorneys have spent more than 35 years passionately and personally advocating for the legal needs of individuals, families and businesses throughout Texas.

Preventing divorce from destroying a person’s retirement future

On Behalf of | Jan 12, 2019 | Property Division |

For many couples, the decision to divorce does not come without considerable forethought. Often, many couples may turn to counselors and other professionals for help finding solutions to their marital conflicts, but when other options fail to provide relief, they resort to divorcing and ending their marriage. This choice results in the need for many Texas couples to reassess the life they have grown to share and decide how to split things to give each a chance at creating a new life for themselves. 

One of the most complicated things to separate according to CNBC is a couple’s retirement savings. If they have made considerable modifications to their spending habits to contribute large sums into a retirement account of some kind, their growing fund could comprise most of their financial assets. Often, splitting these assets can cost an excessive amount in fees to move the money elsewhere or leave people dissatisfied with a ridiculous contribution to their former spouse who they no longer speak to. 

As such, The Motley Fool suggests that people take precautions to protect and preserve as much of their retirement savings as possible when they choose to get a divorce. They may even consider asking their former spouse to maintain their savings accounts throughout the divorce process and then they can work together afterward, to split the assets and determine how to preserve their individual retirement future. Experts also recommend that people who are divorcing focus on investing and budgeting to get optimal use out of their money as they work to rebuild their retirement accounts.