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Addressing retirement plans in the divorce process

A divorce in which finances were not properly addressed and divided can have very negative effects on the finances of both parties. One aspect that many people simply do not address during a divorce -- particularly during so-called gray divorces -- is retirement. If not properly addressed, or properly divided, it could have negative effects on the future of an individual seeking a Colorado divorce.

Since 1990, the divorce rate for separating spouses over 50 years old has doubled. Sometimes, these individuals can have substantial pensions and retirement funds, which can cause disagreements during the divorce proceedings. Social Security is also an aspect of retirement plans that should be addressed. If there are ever any areas of friction, however, it is important to stand up for one's fair share.

Forgetting to address this issue can be financially detrimental down the road. Typically, this would mean smaller living arrangements and a smaller accumulation of money to live off of once an individual stops working and making his or her own income. Proper planning could be the solution to avoiding these types of situations.

Divorce is always an emotional experience for both individuals, and getting caught up in the emotions can make it difficult to address every single issue that needs attention. In Colorado, separating spouses can seek help when it comes to the financial aspects of divorce. This help could reduce the likelihood of forgetting to address something important such as retirement funds. Having help through the situation now could mean a much brighter and financially secured future once the divorce process is over.

Source: The New York Times, "Retirement Plans Thrown Into Disarray by a Divorce", Constance Gustke, June 27, 2014

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Brandon Ceglian

Brandon Ceglian's practice focus is family law, landlord-tenant law / real estate, civil litigation, criminal / DUI, and collections. View Attorney Profile

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