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Advice is needed to keep retirement on track after a divorce

On Behalf of | Mar 24, 2020 | Family Law |

In Georgia, retirement planning is complicated under the best of circumstances as families seek to find ways to save enough to support them for the rest of their lives. This becomes even more challenging in the event of a divorce as even the most detailed plans are upended by the dissolution of marriage.

The trend is called a “gray divorce” and it impacts couples over the age of 50 who are either grappling with the kids moving out or the prospect of spending the rest of their time in an imperfect marriage. Statistics show that more households that have been through a divorce are a retirement risk than non-divorced households. Divorce not only divides the marital estate, but it also drains valuable assets to use for legal fees. After a divorce, there is the prospect of having people use the same assets to support two separate households, further stretching a limited amount of savings.

Thus, it is vital that one receives financial advice both immediately prior to and after a divorce. While the constraints and challenges are still the same, ad advisor can help a divorced spouse recalibrate their financial plan in the wake of a divorce. This is especially true for the spouse who is not as well-versed in financial matters as one spouse may be forced to learn retirement planning from scratch.

To understand how a divorce would impact the marital assets, one should consult with a family law attorney. This could give them an idea of the number of assets they would take away after a divorce and begin to give them an understanding of the financial advice and recovery that would be needed to set their retirement plan back on track after a divorce. For many people, education is one of the most important things they can receive in the divorce process.


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